Stephanie Pomboy expects US stocks to plunge 30% and a broad economic downturn to take hold.
Consumers, businesses, and real estate developers are being hit by soaring interest rates, she said.
The stock market could plunge 30%, and the current pressure on banks could spread to commercial real estate, corporate credit, municipal bonds, and other markets, Pomboy said.
The upshot is that consumers are struggling to afford their car loans and credit cards, and many companies and real estate developers are feeling the squeeze, she continued.
Here's what he said about the outlook for stocks and house prices, and the threat of a recession.