The New York Federal Reserve’s survey of household debt and credit, released last week, found that the impact of the Fed’s monetary policy continues to show up on consumer balance sheets. Data from that survey found that delinquency rates for credit cards and auto loans are rising—in some cases approaching 2008 levels. The bottom line for investors is that Fed policy is working, with impacts hitting consumers, corporates, and banks. What we’re watching for now are signs that high interest rates are having wider macroeconomic implications—slowing the broader economy down.
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