COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

The latest employment report signals to policymakers that heightened uncertainty has not yet dampened US firms’ hiring activity, leaving them likely, all else equal, to leave rates unchanged.

Following the GDP release, there was a 74.4% chance of at least four rate cuts by the end of 2025, compared to a 68.1% probability one day prior.

On-time rental payments in units operated by independent landlords continued their recent trend line of improvement in April.

The average futures market outlook for the year-end 2025 federal funds remained at a total of three rate cuts by December, but the better-than-expected inflation data caused the probability to increase.