Governors Christopher Waller and Stephen Miran dissented, favoring an additional 25bp cut, underscoring that the committee remains divided on the appropriate degree of restraint.

GDP came in broadly in line with expectations, underscoring that the economy continues to expand, though at a more moderate pace.

CPI remains tame with +0.3% m/m, +2.7% y/y, and core +0.2% m/m, underscoring steady disinflation.Meanwhile, Retail Sales beat at +0.6%, and the GDP control group rose 0.4%, signaling solid Q4 consumption.

While transaction volume remained below peak-cycle levels, deal activity continued — driven by a mix of institutional capital targeting irreplaceable assets and private investors pursuing value in smaller, more financeable transactions.Several marquee deals underscored this resilience:-The $865M sale of the JW Marriott Phoenix Desert Ridge Resort-Hyatt’s $2.6B acquisition of Playa Hotels & Resorts and subsequent $2B portfolio sale-Blackstone’s acquisition of the Sunseeker Resort in Florida-Multiple high-profile portfolio and lifestyle hotel trades across major U.S. markets.

Lucie, FL emerged as surprisingly tightLubbock, TX recorded an average of 11 renters per available unit, more than double the prior yearThese dynamics underscore how localized supply constraints can quickly drive competition — even outside traditional gateway cities.9.

Headline CPI printed +2.7% YoY, underscoring disinflationary momentum.

I’ve seen moments like that as well, and they underscore how supply constraints and sustained demand are reshaping rent expectations across the market.

Your story here helps underscore the point I was making above that "operator is everything" in this business.But it doesn't stop there--ownership on the real estate/capital side must be aligned with this mission as well. 

This uptick underscores how sensitive long-term rates remain to labor data and Fed guidance.

Refinance appetite is building, though still contingent on sustained rate compression.Bloomberg reports underscore the political backdrop influencing markets: Trump signaled a Fed Chair pick “early next year,” praising Kevin Hassett as a contender, while geopolitical developments remain fluid with U.S. envoys engaging on Ukraine peace talks.