hasn’t collapsed yet but there are s gns t w ll not only slowdown further but t m ght nose-d ve. Automob le sales and product on s a clear s gnal n that d rect on. Car sales almost halved, house sales are down, conf dence s lack ng, loans are stagnant, September Mark t/ISO PMI s down to the lowest level s nce March 2009. I bel eve the exchange rate’s sens t v ty to nterest rate h kes s a lot lower than t was f ve months ago, and further rate h kes w ll st fle the economy, obv ously. The styl zed fact of an everex st ng buoyant domest c demand s gone.