What Will Cause The Next Market Crash?
Many Happy Returns
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The Fed's Long-Term Debt Transmission Mechanism
Mortgage rates in the UK are fixed for two to five years. The Fed doesn't raise mortgage rates of existing mortgages when it raises them. So long-term debt, things like mortgage debt, that's not going to pick up quickly. But we had such a huge rally in house prices after the pandemic. It's only if you bought right at the top, like I did, that it's a problem.
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