1. When does something really break?

assuming it is a combination of how high fed funds gets above X% for Y # of months.

(e.g.) 2 months above 6.25%

fwiw Most of us were wrong in underestimating how much they could raise rates before something really breaks.

2. Are pension funds hiding how much they are now behind the 8-ball with bonds and stocks down so much the last 14 months?