As the Fed tightens, this generates tougher conditions for all borrowers hurting fragile low-income worst.
adamtooze.substack.com/p/chartbook-10…
It is also shifting the exchange rate of $ and yen which may blow back to US by way of Jp demand for US Treasuries.
adamtooze.substack.com/p/chartbook-11… https://t.co/AA6BEl0J9E