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.
Between a Rock and a Hard Place
The Federal Reserve is in desperate need of a timeout. Just five weeks ago, the Federal Open Market Committee (FOMC) was content with the state of the U.S. economy. Fed officials believed current rates were at appropriate levels to promote progress on the Fed’s dual mandate. Jerome Powell was running out the clock on his…
A Dual Mandate Double Feature
The job of the Federal Reserve is straightforward: keep the U.S. economy on solid footing with good growth. Through the Federal Open Market Committee, the Fed sets monetary policy with two goals in mind – maximum employment and stable prices – commonly known as its “dual mandate.” This week’s economic prints exhibited a dual mandate…
Powell Holds Rates Steady, Trump Nominates Replacement Chair
Recent headlines surrounding the Federal Reserve have varied. On the monetary policy front, macroeconomic conditions appear solid, with tariff-driven inflation concerns largely overstated and unemployment holding steady. Away from economic fundamentals, Chair Powell continues to face political pressure as his term as Fed Chair nears its conclusion. The Federal Reserve held its first meeting of…