The Fed's Tightening Cycle and the Impact on Corporate Debt Issues

The Fed's lifted rates by 5%, 500 basis points in a very aggressive pace of tightening. Most typically you see 18 months to two years before you see the real impact of monetary policy. The employment numbers are still very strong, and as long as the consumer continues to spend, I think that the Fed's going to have a challenge to bring CPA down further.