U.S. homeowners’ equity is serving as a substantial financial backstop for the economy. In the event of a recession – and if rates fall – homeowners have the option to refinance their mortgages and tap into this equity as a financial cushion. (U.S. homeowners’ equity of USD 35tn vs. U.S. GDP value of USD 27-28tn.)

Read in-depth insights in our Fixed Income Credit Markets – Oct-2024 report