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Unusual Whales Pod #10: The Housing Crisis, Markets, and Real Estate

Unusual Whales

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The Liquidity Crisis in the Mortgage Market

The impact on duration here from these is just astronomical, right? And I completely agree with what Randy is saying. It is much better characterized as a Fed-induced coma, right? Than a buyer strike. But the reason I'm looking at this, though, guys, is that I've been trying to think of ways in which this meteoric increase in rates where it can have a market impact similar to raising rates had on the long-dated gilt market. Because that was relatively illiquid and the natural buyers, which are the pension funds over there, they couldn't buy. So I'd love to hear some comments about our thoughts about that if anybody has them.

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