Friday's observation from U.S. Fed Chairman Jerome Powell that inflation remains 'too high' seems to indicate that rates might go higher and/or remain higher for longer. Both scenarios will place further pressure on financing costs and refinancing risk, particularly at the lower end of the credit spectrum. Today's manageable refinancing picture--considering the $57 billion of 'B-' and lower-rated debt (as of July 1) coming due in the next 12 months--could become far more problematic as time passes, with the volume surpassing $201 billion and then $410 billion over a 24- and 36-month period.