Mortgage rates and auto loan rates are already at all-time lows and down 100 basis points in the past year and yet housing and auto sales are still extremely weak. What will another 50bps or even 100bps really accomplish at a time when household debt relative to both asset and income are still closer to record highs — suggesting the need for another $5-6 trillion of deleveraging to bring these ratios back to pre-bubble historical norms?
---ibid
OTOH, see this post from today.
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