The gospel according to Tim Knight: https://slopeofhope.com/2021/07/smashed.html
Just in case any of you with mortgages and other interest-bearing debt are worried about rates, I’d say this is not a situation that is going to change anytime in our natural lives.
And, while we’re on the subject, here’s the IMF on the corrosive effect firm market power has on monetary policy effectiveness: https://www.imf.org/en/Publications/WP/Issues/2021/07/09/Market-Power-and-Monetary-Policy-Transmission-461332
