Consider this : We have been at artificially low interest rates for years and years. All to stimulate the economy.
A whole generation thinks this is how it is. None recall mortgages/car loans at 10-15%
When I was an econ major, I learned that interest rates, over time, are at about 4 to 5%.
Imagine the brakes on the already weak economy if rates inch up 100% to 1% or 500% to the traditional 5%?
“A whole generation thinks this is how it is. None recall mortgages/car loans at 10-15%”
Nearly 9% mortgage for me back in the 70s.
I’ll be shocked to earn interest on my savings. I’ve forgotten what that’s like.