The rapid cooldown in real estate threatens to worsen a global economic downturn.
Just as the pandemic and its recovery proved to be k-shaped, so the next deterioration may prove similarly unequal.
A slowdown in housing could create a ripple effect that would deepen an economic slump.
Economist Nouriel Roubini said he expects a US recession by the end of the year.
Plenty of economists still argue that the shock will soon fade as supply blockages ease and energy costs stabilize.
Improving inflation data signal that the Fed may be able to ease its aggressive stance on interest rates, the firm says.
The downgrade comes as U.S. consumer price gains accelerated in February to a fresh 40-year high.
High inflation has global banks ramping up expectations for more rate hikes.
Economists have struggled to see ahead in the pandemic. They're upbeat about next year, but could easily get blindsided again.
The ability to work from home has been singled out as one area where gains are obvious.
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