This chart serves as a compelling illustration that we have ...

This chart serves as a compelling illustration that we have not yet experienced the impact of tighter financial conditions filtering through the system.
Despite the recent increase in mortgage rates, effective interest rates for most individuals remain at historically low levels.
Corporations are in a similar position, but bear in mind:
We are on the verge of witnessing a substantial surge in the cost of debt as we brace for a significant wave of debt refinancing in the next 12 to 24 months.
Sovereign institutions are also facing a comparable scenario.
The US federal debt, in particular, will need to refinance nearly 50% of its total debt in the next three years at substantially higher interest rates.