Inflation is now at a more moderate level and incredibly, interest rates are now also at a historically “normal” level too. Conventional WisdomConventional wisdom among commentators and market participants today is that the higher interest rates are working. People are still spending the cash as the higher rates just haven’t sunk in yet. Many individuals and corporates took advantage of the low rates and secureded long duration financing with low fixed rates. As time progresses and the cumulative impact of more and more refinancing occurs, the impact of the higher rates will start to bite.