Fed doesn't seem to understand rate of change. They are slamming the economy into a brick wall. US consumer is desperately trying to maintain their standard of living and starting to finance it with high interest credit, especially seen in Q3 with the service sector booming (likely due to 2 years of covid lockdown nonsense, people were not giving up their summer holidays, parties, events due to pesky inflation and rates). Luke Gromen had a good point on Preston's podcast that a lot of normies won't notice the significant drop in net worth until they get their year-end financial statements. He thinks the major consumer spending pullback will occur in Q1 2023. Tend to agree.