US housing market is in recession, pandemic fueled inflation: Sonders

" where some sectors are booming and others are slowing sharply. They've also fueled historic inflation and created a tough backdrop for stocks, she said.

The upshot was that many Americans ended up with lots of spare cash and little to spend it on, which Sonders described as"the breeding ground for the inflation problem." Sonders framed the pandemic as an unprecedented shock to the system that had unique consequences. As a result, she cautioned against relying on past economic cycles to gauge the risk of a recession, or to chart the future path of Fed policy.

Keep raising rates Powell. It'll get even worse. No one wants to buy.

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