This is CBS Eye on the World.

Here's John Batchler.

The American economy, the global economy.

I welcome Liz Peake, a columnist at the Hill, a columnist at Fox News,

much on Fox Business to comment on the American economy right now.

Because the Federal Reserve is unfinished.

We can expect one or two or three more hikes in the interest rate paid by the best customers.

That translates into a very careful expectation over these next weeks and months by the American economy.

Liz, a very good evening to you.

You concentrate in your most recent Hill column on the housing market as a tell.

Why?

What does that tell us about where America is right now?

In the recovery from the pandemic and the spike of interest of inflation.

Good evening to you.

Good evening, John.

Well, I think we've all seen the housing market soften measurably over the last six months.

And it's no surprise when the Fed undertakes what has now been an historic acceleration of rate hikes.

That is to say 475 basis points over 12 months.

One of the industries obviously first hit is real estate, residential and commercial by the way.

Because mortgage rates go through the roof and obviously everyone calculating their monthly payments on a house have to take into consideration.

Not just the price of the house, but also the price of the mortgage cost.

So yeah, housing's in trouble, prices are down.

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