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 Market Is Still Carrying Water for the Fed
- Real yields remain elevated even as the Fed remains on hold.
- The market is doing much of the tightening work through higher borrowing costs.
- For CRE, stable rates do not necessarily mean easier capital markets.
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 borrowing costs remain elevated and real Treasury yields have moved higher. In other words, the market has continued to tighten financial conditions even as the Fed has stepped back from active tightening.
fed funds vs. 10yr ust real yields
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.
2026 Multifamily
Powerhouse Poll
In Berkadia’s Annual Multifamily Powerhouse Poll, we surveyed over 200 investment sales advisors and mortgage bankers to offer their unique perspectives on the state of the commercial real estate (CRE) industry.
Berkadia FHA/HUD: 2026 FHA Conference
More than 120 members of Berkadia’s FHA/HUD platform recently gathered in St. Louis, Missouri, for three days of collaboration, learning, and strategic alignment. The conference highlighted the strength of Berkadia’s team, the momentum across the business, and the platform’s continued focus on delivering exceptional outcomes for clients and communities. Throughout the event, leaders and team…
Powell’s Finale – The April FOMC Meeting
Markets entered the April Federal Open Market Committee (FOMC) meeting focused on the same issue that had dominated for years—the timing of rate cuts. They left with a more important message: the Fed is no longer guiding toward easing. The Federal Reserve held its benchmark rate unchanged at 3.50%–3.75%, but the headline decision obscures the…
Open Sesame? Reopening of the Strait of Hormuz Eases Oil Prices and Fed Nerves Alike
Markets received long-awaited relief Friday morning after Iran announced that the Strait of Hormuz was “completely open” for commercial vessels—a development that immediately unwound some of the largest geopolitical risk premium embedded in global energy markets. The move marks an important de-escalation after nearly seven weeks of extraordinary volatility. Since late February, the closure of…