Report | What’s stealing our thunder? for June 21, 2018
Increasing trade tension stole the spotlight from strong economic data last week. Retail sales exceeded expectations, growing at its fastest pace in roughly two years. Consumer sentiment remains at elevated levels, buoyed by tax cuts and a very tight labor market. As economic momentum picks up, it is putting upward pressure on prices, seen in both the consumer price index (CPI) and producer price index (PPI). Consequently, the Fed raised rates last week by 25 basis points, as anticipated. The Fed also updated its economic outlook, which turned more positive, and raised its forecast for rates for 2018 from three to four (thought just barely). The economy stands on solid ground, providing a good backdrop for commercial real estate for the rest of 2018.
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