Economy
From interest rates to inflation, understand the impact of macroeconomic trends on the real estate capital markets.
The Beyond Insights series aims to deliver timely economic and market-driven insights to better inform your commercial real estate investment decisions.
Markets
From local market rents to cap rates, catch up on the latest capital markets insights.
Learn moreU.S. ECONOMIC MACRO COMMENTARY & INSIGHTS
The Fed Paused, but Borrowing Costs Remain Elevated
- The Fed held rates steady, but longer-term Treasury yields remain elevated as the curve steepens.
- Freddie Mac 10-year A2 spreads have widened 11 basis points from their June lows, removing some of the cushion that had helped offset higher Treasury yields.
- For CRE borrowers, a Fed pause does not necessarily translate into lower all-in borrowing costs.
The Federal Reserve held the federal funds rate at 3.75% to 4.00% this week, as widely expected. But borrowing costs didn’t follow. Long-term Treasury yields remain elevated, even after rallying off their recent highs, while agency spreads have moved wider. For commercial real estate, an unchanged Fed has not translated into cheaper financing.
10-Year Treasury Yield
2026 Mid-Year Multifamily Pulse Survey
We surveyed more than 100 of our trusted clients across various companies for our second-annual Mid-Year Multifamily Pulse Survey with the goal of providing a comprehensive view of current market sentiment.
2026 Multifamily Investor Sentiment Survey
In December 2025, we surveyed over 250 of our trusted clients from various companies, with most holding senior-level titles, for our second annual Multifamily Investor Sentiment Survey. Our goal is to provide a comprehensive view of current market sentiments to our clients, and we plan to share our findings in our detailed report.
The Market Is Still Carrying Water for the Fed
Real yields are doing much of the tightening work and theyoffer the clearest read on the true cost of capital. The Federal Reserve may be holding its policy rate steady, but the cost of capital has not stood still. That distinction matters. Since last fall, the Fed has eased its overnight policy rate, yet longer-term…
The Market Tightened for Warsh. Now What?
A hawkish Fed Chair, softer inflation data, and a credibility test arriving sooner than the market may expect. Markets came into Wednesday’s FOMC meeting focused on one question: why didn’t the Fed raise rates? Warsh seemed focused on a different one entirely: how much tightening had already occurred since the last meeting? The FOMC voted…
Labor Market Cools, but Inflation Remains the Bigger Problem
After three consecutive months of stronger-than-expected payroll growth, June finally delivered a downside surprise. Employers added just 57,000 jobs during the month and prior months were revised lower, taking some of the shine off what had looked like a meaningful reacceleration in hiring. Headline unemployment rate improved to 4.2%, but the details were less encouraging.…