Too much focus back to 2018 in that article and no mention of the increasing default rates across the board in debts ( auto loans, house loans, credit card loans, govt loans, payday loans ) at all.
They do note that the 30 year terms of housing loans in the USA at low rates helps those who have them and has slowed things which is good but that contributes to loan rates being higher for longer for new loans and also stops people sizing down that may want to as the new loan will be double to triple the 30 year loan rate.
A big reason why Powell cannot achieve his objectives as raising rates makes the cash rich richer and the low paid poorer and poorer. The low paid can't even buy a Big Mac anymore for example. Those fast-food jobs the ones currently being lost at a rate of knots as a result and the tent cities grow bigger.
