Call it the Great Term Out.
After a historic series of interest rate hikes from the Federal Reserve, there’s a big question over just why these higher borrowing costs aren’t having more of an impact on the economy. Sure, there was a small bout of banking drama earlier this year and bankruptcies have ticked up, but overall most companies (and especially the largest ones) appear to be weathering the rate hikes just fine. Businesses are still hiring, consumers are still spending, and the US economy has defied many analysts’ expectations that it would fall into recession this year.