COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

Despite CPI registering in line with expectations, futures market forecasts for the Fed's September interest rate decision moved meaningfully following the release.

US employers shed 23,000 jobs in July, missing consensus forecasts of a gain of 80,000 to 95,000 and the first monthly job loss since October 2025.

Thursday's GDP arrives just one day after the FOMC's July meeting, where policymakers voted 9-3 to hold rates steady, marking the most dissents at a single meeting in nearly a decade. Today's data sharpens the debate without resolving it.

With futures markets now pricing a greater-than-even chance of a Fed hike before year-end, rate relief is off the table for the foreseeable future.