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 Missing Dot
Everyone will focus on the missing dot. The market sold off because of the nine that remained. Half the committee is now willing to discuss another rate hike this year, and that is a very different conversation than the one markets were having just a few months ago. Inflation forecasts moved higher, growth forecasts moved…
Multifamily Lending Mid-Year Market Landscape
The key theme of the Commercial Real Estate (CRE) lending space to start the year was the abundance of liquidity. The Federal Housing Finance Agency (FHFA) raised the Agencies’ caps to $88B. Debt funds were abundant with multifamily-specific capital to lend, and life companies had fresh allocations. To start the year, the Agencies were competitive…
Inflation’s Second Act
For a steady three years, besides a blip surrounding the Liberation Day tariff announcements, markets operated under the assumption that inflation was steadily moving back toward the Federal Reserve’s 2% target. April’s Consumer Price Index (CPI) report was the second straight data point that challenged the narrative. Consumer prices rose 3.8% year-over-year, above consensus expectations and marking the highest inflation reading since 2023. The acceleration was predominately driven by…