U.S. Capital Markets Glide Path to Clearer Skies

Questions Today

Financial Markets • When will the Fed pivot? • Where will the 10-year Treasury yield settle? • What does this mean for CRE yields? • When will the debt markets unfreeze?

CRE Capital Markets • How far will property values fall? • What about oncoming debt maturities? • How much distress should we expect? • When will deal volume pick up?

Macroeconomy • Are we going into recession? • What will the depth and duration be? • Will there be job losses? When? • How should we think about the banking sector and its relation to CRE?

2