Tonight I have been asked to share with you some of the memorable experiences I have had since I was last in a Chapel Hill classroom – some of the amazing opportunities that shaped my journey from Carolina Playmaker to Federal Reserve Governor. I’ll talk a bit about banking and the important role lending plays in the economy.
On the other hand, real incomes have declined and required mortgage payments as a share of household disposable income will reach a record high later this year. Many households will transition from low fixed-rate loans over the next few months and experience the increase in repayments that has been occurring for variable-rate borrowers. Rents are also increasing quickly, putting pressure on some households’ finances.