'Bite of these higher rates is gaining traction almost every day,' KBW CEO Thomas Michaud warns

KBW CEO Thomas Michaud warns the economy hasn't fully absorbed higher interest rates yet.

A major financial services CEO warns the economy hasn't fully absorbed higher interest rates yet.

"Trying to deliver a new message with these dots is not what I'm willing to hang my hat on from what I see happening in the economy," he said. "The economy is slowing. So, I think we're near the end of this rate increase cycle."Office space in urban areas "Banks were already tightening in the fourth quarter of last year. It didn't just start in March. Loan growth had been slowing," added Michaud. "There are elements of like the global financial crisis that are in bank stocks right now."SPDR S&P Regional Banking ETF"The overall industry rally for all participants probably doesn't happen until we get some more stability in what we think the earnings are going to be," said Michaud.

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