On net, the resulting drop in the average interest rate on household borrowings, combined with the lengthening maturity of their total debt, has damped the monthly payments made by homeowners on their growing stock of outstanding debt. The Federal Reserve publishes two data series that quantify the burden of household obligations.
Of course, commodity prices themselves are influenced by global economic activity; a U.S. slowdown could put downward pressure on commodity prices, providing an indirect but potentially significant link between the two regions. The Inter-American Development Bank background paper for this session argues forcefully that recent strong global growth and high commodity prices provide a very supportive environment for Latin American economies.