The rates are up by a full percentage point from where they were a few months ago. I think the Fed is trying to put the brakes on the economy. Whenever that happens you have got to see the impact in the stock market. That's the primary financial medium after all. Consumer spending recently has been dominated by wealth.
People feel rich.
They are rich. And, if not, where is that point. And the consumer has pretty much ignored them. At least the nominal increase we've seen so far in rates, I don't think it will have a huge impact on consumers. That's primarily retirement money.