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Until Something Breaks
Last week, during an interview with The Times of India, Jamie Dimon characterized 7% Fed funds as a
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It seems the burn it down mentality of the MAGA cohort has spread to the fed. Blue collar workers can’t tolerate higher rates. I’m probably guilty of oversimplifying things, but I think blue collar can handle inflation better then rates. A dreaded wage increase spiral might actually expand the middle class, and make work pay again for the segment left behind by years of offshoring etc
Isn’t this resilience in part due to so many corporations having financed cheaply and their maturity dates are still far forward enough ?