Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones. 

Back in the real world, the most immediate impact of all of this has been on mortgage rates. The 30-year fixed rate is back at mid-2019 levels and is up more than 30% YTD.  Financial conditions are tightening for the average consumer and rather quickly.

CHART OF THE DAY: Consumer Lending Conditions Are Tightening  - clc