The Effects of the Fed Higher on the Residential Market

We think the central banks will won't go down without a fight. I'm sure whether it should be property owners who could take the whack, or businesses and renters right now. It's going to cause political problems because what you've got looks a little bit like an intergenerational transfer where younger, more indebted people are paying up through the nose. This is going to cause longer term political stress there. Same as in the US,. frankly, in the US, you've got monetary policy being pushed by a Fed higher. So therefore we are relatively insensitive. We would think France looks vulnerable. Why? Because French household debt over the last decade has gone from roughly 100% to GDP