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Top related persons:
Jerome Powell - 1 JPMorgan's Joseph Lupton - 1 Maia Crook - 1 Lupton - 1 Crook - 1 it's - 1 Mike Dolan - 1 Alison Williams - 1
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☆ Column: Dulled interest rate 'pain' nudging peaks higher
  + stars: | 2023-06-30 | by ( Mike Dolan | Thomson Reuters | Mike Dolan Is Reuters Editor-At-Large For Finance | ) www.reuters.com   time to read: +5 min
LONDON, June 30 (Reuters) - The economic pain of higher interest rates seems duller than many had braced for only late last year - and subdued household debt burdens may be at least partly responsible. More interest rate sensitive countries with more flexible loan rates - such at Canada, Australia and Sweden - are already turning higher. What's more, the overall impact of higher borrowing rates is partly offset by rising interest rates on savings. And so net of interest income, JPMorgan points out, interest costs are up only 0.2 percentage point of disposable personal income since the start of the Fed hiking cycle early last year. Higher costs are still coming with a lag for many and will drag on the economies further from here.
Persons: Jerome Powell, JPMorgan's Joseph Lupton, Maia Crook, Lupton, Crook, it's, Mike Dolan, Alison Williams Organizations: Federal Reserve, JPMorgan, Reuters, Twitter, Thomson Locations: Canada, Australia, Sweden, Britain, Central
☆ Column: Fed's 'R-star' becomes black hole
  + stars: | 2023-03-10 | by ( Mike Dolan | Thomson Reuters | Mike Dolan Is Reuters Editor-At-Large For Finance | ) www.reuters.com   time to read: +7 min
Based on traditional and long-abandoned fixed policy models, Cleveland Fed researchers reckon policy is already more aggressive than any of those rules suggest. The political and policy appetite for zero interest rates or quantitative easing - which seemed to chase estimates of R-star ever lower over the past decade - is gone. At the same time, real yields above 4% have proven unsustainable historically. Bhatia feels real yields somewhere in the middle is where markets will settle. Given the economy-wide accumulation of debt over recent years, real 10-year yields in a 1.5%-2.0% range probably works.
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