Strong Q3 Growth Masks Looming Threats to Consumers from Fed Rate Hikes

U.S. GDP grew 4.9% in Q3, showing strong consumer spending despite rising rates.

CIO Brent Schutte believes the full impact of rate hikes hasn't hit yet, leaving "backward-looking data."

He cautions rising rates on auto loans, credit cards, and student debt will soon "erode the consumers' condition."

With mortgages being two-thirds of consumer debt, consumers have been "largely insulated" so far.

Schutte sees recession risks growing as higher borrowing costs work through the economy. More Fed hikes could lead to a "deeper recession."