With higher interest rates depressing housing prices, the game is over. As America moves to, say, a 4% savings rate (still small by normal standards), aggregate demand will weaken, and with it, the economy.
随着高利率对房价的压制，游戏结束了。当美国的储蓄率达到4%（就一般标准来看仍然很低），累计总需求就会减弱，随之而来的就是经济走弱。