According to Jinshi, Ian Shepherdson of Panson Macro predicts that U.S. existing home sales may be flat at the end of this year and will only pick up slightly by 2025. This forecast is based on his view that the labor market will deteriorate significantly and the Federal Reserve will eventually cut interest rates by 125 basis points this year (the market is pricing in 50 basis points) and another 150 basis points by 2025. However, Shepherdson said that mortgage rates will still be high enough to hit homebuyers, who will also face the additional deterrent factor of a worsening labor market.