The expression "slowly at first, then all at once" can describe an economy's descent into nasty recession. There are warning signs all over starting with WTI back in contango. Major retailers have nothing good to say about the state of their customers. US total sales are already declining and in nominal terms.
Eurodollar University's Money & Macro Analysis
AP: Home Depot sees first annual sales decline in more than a decade as housing streak ebbs, rates jump
https://apnews.com/article/home-depot-outlook-sales-weather-611422a9301e13bb797c4fc15ba1e02c
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