When will the Fed’s rate hikes hit US credit markets?

A lot of people are still watching the flattening yield curve and distress in EM. And while I think both of these events are important, I am looking at a lot of other market signals, particularly US domestic credit markets. Here are some signals I looking at.
Look at housing
As you know, the way I am thinking about monetary policy is less about signals like the yield curve and more about acceleration and deceleration of credit. So as the Fed raises rates, I am looking for signs of stress that first appears in credit growth deceleration. One sector that matters is housing. Look at this chart on existing home sales.

Source: Trading Economics

There is a distinct deceleration in existing home sales growth. Right now, you could say home sales are largely flat. And if you look at data versus...


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