The Negative Momentum of the Fed's Tightening Credit Conditions

Yield spread meeting the rate that a consumer would see actually see relative to the risk free treasury yield. So on top of very low interest rates, because of it predating the fed starting to increase, it meant consumers were seeing the lowest rates ever. And we've now and especially with the banking crisis in March, we observe yield spreads widening quite a bit. They really reflect the momentum that we were talking about that new has positive momentum and used has negative momentum. Right? Despite the very strong vehicle prices, that we're seeing these credit issues. I think it's absolutely correlated with inflation. It's more severe with subprime than it is in other credit tiers.