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Financial conditions are crucial to the American vision.

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Fed Chairman Jerome Powell said earlier this year that

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"Politics works through financial conditions. That's how it enters the real economy."

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Unlike Australia, the US economy is not responding directly to rising short-term interest rates.

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Most homeowners are not affected because they have a long-term debt

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with a fixed interest rate. Some of these debts may not be repaid in the coming decades.

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