There are a number of reasons: ongoing European recession and energy shock, China reopening being slow and painful, EM tightening leading world growth lower.
But, most of all, there is this chart:
US interest rates do not work on existing home prices as fast as other DMs because the market is based on fixed rates. So, while other DMs see asset price deflation quickly, the US does not.
This is keeping the US consumer afloat despite the Fed tightening, along with other factors. BofA:
The Impervious US Interest rate hikes have yet to curb inflation as ordinary channels aren’t responding:
1. Housing: 95% of US mortgages are fixed-rate vs. 66% for the rest of the world;
2. Consumer:$1.1tn excess cash & >1 year of savings buffers means no slowdown soon;
3. Corporates: 75% of debt is long-term fixed & interest payments are rising very slowly;
4. Services: 70% of economic activity…much less sensitive to rates than goods are. US…