RE:RE:This WaitThe actual thing to worry about is when pandemic mortgages come up for renewal in 2025-2026, that will seriously hurt consumer spending as I think most people will be underwater at that time.
I would say that the problem started after the 2008 recession when they just kept cutting interest rates and making them so low that debt was a no brainer and now we are insanely indebted and have severely overpriced assets to the point that productivity is down because so much money goes to shelter. I think this is common among the big English speaking economies and it needs to be popped or it will only get worse. This tightening cycle, hopefully will set things back on the right track.
Oil is still high, jobs are still plentiful, this is just tightening the noose around the debt.