What's Different About Today?

Unemployment is at the lowest rate in 50 years, which is quite different from 1990. The average mortgage isn't likely to default any time soon because on average, they're about two years ahead on their payments. People have squirreled away a lot of savings during the lockdown so that's both a good and a bad thing. It means we're not likely to see large-scale defaults or anything. But it can fuel inflation as people take on greater debt while rates were low.