The Federal Reserve has hiked rates in rapid fashion, yet the evidence of their impact is scarce. Inflation is still hot (though it has come down quite a bit.) The unemployment rate remains very low. And economic growth appears to be robust. So does this mean that higher rates aren't significant? Or could it be that their impact has simply yet to be felt, and that it's still coming. On this episode, our guest argues the latter case that due to lags, we really haven't felt the pain from rate hikes yet. Julia Coronado, is the founder, CEO and president of Macro Policy Perspectives, as well as a Clinical Associate Professor of Finance at the University of Texas McCombs School of Business. She argues that we really haven't felt the credit effects yet from higher rates, but that they're on the way. In particular, we discuss the delayed impact on commercial real estate and other areas of the economy where debt may have been termed out, but will eventually need refinancing.