Is the Fed Backing Away?

S&P 500 now, higher than it was at times last May. Fed funds rate since then has gone from under 1% to 4 and 3 quarters with more to come. There's been an immediate impact on housing, but the rest of the economy, it's going to sort of chip away to whatever company in the needs for refinance or auto sales that all of a sudden is going to create an affordability issue.