Sharp take on the expectations game. The multifamily stress angle is what alot of market commentary is sleeping on right now. When Schwarzman's been flagging the lag between real-world rent data and CPI measurement for months, calling a 2.7% print "unexpected" says more about forecaster bias than market dynamics. The Wharton paper on undercapitalized regional banks tied to CRE is worth drilling into, btw, especially when you see teh private fund repricing Zweig covered.
Sharp take on the expectations game. The multifamily stress angle is what alot of market commentary is sleeping on right now. When Schwarzman's been flagging the lag between real-world rent data and CPI measurement for months, calling a 2.7% print "unexpected" says more about forecaster bias than market dynamics. The Wharton paper on undercapitalized regional banks tied to CRE is worth drilling into, btw, especially when you see teh private fund repricing Zweig covered.
How about factoring in meat and electric power price increases?
Really good stuff, Ira. Great reporting!