The significant and fast paced monetary tightening by major central banks and the prospect that more is to come raise the concern of a monetary ‘overkill’. This could happen due to a non-linear reaction of economic agents to an umpteenth rate increase. Several factors can play a role in this respect: negative animal spirits, debt levels and their characteristics, asset valuations, bank lending, capital markets. This calls for increased gradualism and, at some point, taking a pause whilst insisting that this doesn’t represent an end to the tightening cycle.
During the press conference following the latest ECB governing council meeting, Christine Lagarde made it very clear that more rate hikes were to follow. Last week, Jerome Powell, speaking to US Congress, explained that it was a “pretty good guess” that the Federal Reserve would hike rates twice more this year[1] and the Bank of England surprised markets by a 50 basis points increase in its policy rate. The significant and fast paced monetary tightening and what may still come further raise the question of how much is too much.
What will be the straw that breaks the camel’s back? As is often the case, asking the question is easier than answering it. J. Powell used the metaphor of driving a car. When you get closer to your destination, you leave the highway and start using local roads. In doing so, you slow down. However, road conditions and the appropriate speed are easier to assess than the pace of disinflation, which depends on how fast and how much past rate hikes influence demand, employment, pricing decisions etc.
Assessing the warranted tightness of monetary policy -the equivalent of deciding on the speed of the car in Powell’s metaphor- is also a challenge. In the past, the Fed Chair has insisted on the need to have positive real interest across the yield curve, but this raises the question of the reference point. In this respect, the neutral rate of interest[2] works in theory but in practice it does not provide a conclusive answer due to the wide range of its estimates. One is left with the obvious conclusion that the bigger the cumulative tightening in a cycle and the higher the level of real interest rates, the bigger the risk that economic agents end up reacting in a disproportionate way to another rate increase.
Why might this ultimately happen? Several factors could trigger such a non-linear reaction (exhibit 1). The first one is a sudden drop in confidence, a manifestation of negative animal spirits.[3] This could reflect increased uncertainty of economic agents about the future, given the ever-higher interest rates. Although they may personally not (yet) be financially constrained, this increased uncertainty may lead to a more cautious stance in terms of spending.
![](data:image/png;base64,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)
A second driver is the debt level and structure of companies and households. A high level of debt that needs to be refinanced can make companies very sensitive to increases in interest rates. Likewise, for households, mortgages with variable rates or with fixed but adjustable rates also create a high sensitivity. In the UK, the Bank of England has calculated that “around a quarter of the outstanding stock of mortgages are scheduled to reach the end of their fixed-rate term between 2022 Q4 and the end of 2023.”[4] This implies that a considerable part of the impact of past rate hikes still needs to make itself felt. Rate hikes not only weigh on the demand for new mortgages but that as time goes by, they also increase the cost of existing mortgages, which reinforces the impact of monetary tightening on the economy[5].
A third channel runs through asset prices. High interest rates reduce ceteris paribus the net present value of future cash flows and eventually they should also cause downward revisions of the cash flow projections. These should be gradual phenomena. A jump in the required risk premium due to a drop in confidence about the outlook and a feeling of greater uncertainty amongst investors, is a more likely candidate for a sudden, non-linear reaction[6]. Such a development may weigh on spending through a wealth effect. In addition, the value of an asset as loan collateral declines, which may reduce the access to credit.
Such a phenomenon is part of the fourth channel, that of bank lending. Loan conditions may be tightened because of the decline in the collateral value -a process also known as the financial accelerator- or simply because banks worry more about the economic outlook and the associated risk to their loan book. Finally, higher policy rates may raise the risk aversion of investors and trigger an increase in corporate debt yields and/or reduce the access to debt capital markets by companies.
These multiple factors remind us of the delicate task faced by central banks in the late stage of a tightening cycle. They do not mean that central banks should start taking risk with inflation and stop raising rates, but they do call for increased gradualism in the form of smaller and less frequent increases. This will allow to monitor how the economy reacts, whilst reducing the risk of raising rates too much. Insisting that a pause does not mean that the tightening cycle has ended should help in avoiding that inflation expectations start to drift higher in reaction to increased central bank caution.
William De Vijlder
In the late stage of a tightening cycle, the risk of a non-linear reaction of economic agents increases. This calls for increased gradualism in the form of smaller and less frequent rate hikes.