With interest rates higher than they've been in over 20 years, many analysts and economists have expected the economy - and then the markets - to buckle under the higher cost of debt. After all, we have 6x the total public debt as we did that last time interest rates were this high.
But whether that will eventually prove true, the markets are priced as if it won't.
Right now, they're priced for no recession, no adverse lag effects from the historically aggressive hiking & tightening campaign pursued over the past year and a half by the Federal Reserve and most of the other major world central banks.
So when will this higher cost of debt matter? Will it matter?
For answers, we turn to the highly popular and always informed money manager and macro analyst Michael Pento.
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