ANALYSIS: The Fed Holds Steady but the Cost of Capital Does Not
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
Editorial analysis · Real Estate Trail Editorial
The Federal Reserve held its benchmark interest rate steady Wednesday, pausing after September’s increase as policymakers weighed persistent inflation against the effects of higher borrowing costs. The decision has sh…
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