Fed's Schmid (2028 voter, hawk) says the relentless rise in long-term interest rates is starting to have effects on more parts of the economy, reports Axios

"You're starting to see some friction in some of the long-market users of credit," he said, pointing to multifamily housing and commercial lending. "Even on the mortgage rate side, it's starting to affect home prices, which is how the price of credit works relative to valuation,"