Rising rates on record debt loads don’t make for short and shallow recessions.

Data like this would suggest he’s right…

US mortgage payments-to-income ratio (blue, left hand side) at the same level as in 2007.

The rate of change is even more impressive: almost +60% increase against 12 months ago.

Housing affordability is as bad as it can get. pic.twitter.com/zovFsKbjZr

— Alf (@MacroAlf) July 25, 2022