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.
Sov...

Michael Townsend, managing director of legislative and regulatory affairs at Charles Schwab, said Tuesday that he wouldn't be surprised if the U.S. federal government shuts down next month, but that Wall Street would likely shrug it off like it has in prior years.
"I'm not really worried about how the market will react if we do have a shutdown," Townsend said at Schwab's Impact conference in Philadelphia.
Townsend's comments came sh...