It'll be even more catastrophic the longer we indulge. I'm hoping higher for longer is measured in decades so the markets can be brought to heel, but as you say

It'll be even more catastrophic the longer we indulge. I'm hoping higher for longer is measured in decades so the markets can be brought to heel, but as you say that's probably wishful thinking. They're already talking about agency backed second mortgages, which would primarily give seniors with paid-off homes one last big credit infusion on the way out. So I guess try to ride the various distortions and get out at or near the top, and hope whatever you end up with is enough to weather what comes next.