> For the private sector, many homeowners and corporations have longer-term fixed debt, and only some portion of it matures each quarter and gets refinanced at

> For the private sector, many homeowners and corporations have longer-term fixed debt, and only some portion of it matures each quarter and gets refinanced at higher rates. As more private debt matures and gets refinanced at higher rates, this will continue to serve as a disinflationary and recessionary force on the economy, especially for sectors that are more sensitive to interest rates. The one thing I don't get and could have been missing in the past... a lot of the corporations and private things, like farms operate on debt. Now maybe it's a bit reductionist, but if you're a farmer operating on debt, if interest rates go up you need to increase prices to cover operating expenses. And this get compounded all the way up to the end consumer as every step in the supply chain marks up by a fixed percent, and because everything is getting more expensive decided lets mark up by a larger percent. So higher interest rates really could be contributing to inflation. And it's just creating a cycle. And with the current levels of debt never seen before in history, it's unlike other periods.