The Economy Is Not Slowing in Response to Higher Rates

When you raise interest rates, it does not a linear response that is always the same. It could be because we still have the excess cash in the system from all the stimulus during COVID. People have already locked in low rates, but they will have to refinance maybe at some point in the future. So you know, all of these things, like what share of the debt is fixed versus floating and when the refinancing is going to take place,. all of those factors impact on how much higher rates impact the economy.

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