November’s money and credit data suggest that the recent falls in mortgage rates will stimulate new mortgage borrowing, but many existing mortgage holders will still experience higher rates in the coming months. Our view is that the net result of this will be a further modest weakening in real consumer spending in Q4 2023 and Q1 2024.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.