The worst will be those most exposed to higher interest rates. Yes, that means housing

I was in the hard landing camp early on, as a Fed raising rates enough to fight 9% inflation is the stuff hard landings are made 

Things can be true in the aggregate but painfully different in specific cases. Yes, household savings are up, but not for everyone. Half the country has less than $400 in savings. 

One-bedroom apartment rents are near $1,500 in many places.

Ditto for businesses. The average company has a better balance sheet, but many aren’t average.

The worst-hit businesses will be those most exposed to higher interest rates on top of all the other rising prices. Yes, that means housing. 

That boom may not turn into a crash, but it has room to soften quite a bit, and seems to be in the early stages of doing so. It’s starting to show in both existing and new home sales.

John Mauldin 30 July 2022

https://www.mauldineconomics.com/frontlinethoughts/a-weird-recession

Skräcken sprider sig och den oron rör sig mest kring den en miljard eller så egna hem 

som ligger i världens städer och som här får utgöra typfall för inflationens avigsidor. 

Sjunkande bopriser utgör inte i sig något hot mot vårt väl och ve. Det som skrämmer är den ofantliga skuldsättning som numera vidlåder boendet, ett skuldberg som på senare år synes ha lämnat det jordiska.

Bo Franzén Understreckare SvD 29 juli 2022

https://www.svd.se/a/PoKJze/det-kan-karl-xii-s-fuskmynt-lara-oss-om-inflation