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Commercial bank loan growth slowed again last week.

As we move through the second half of 2023, debate around hard-landing, soft-landing, or no-landing scenarios continues to grab headlines. We have been providing updates on economic trends in growth and inflation measures that would suggest we are in a similar environment to prior economic slowdowns. To dive deeper into that analysis, we have shifted […]

U.S. demand continues to decelerate (Part 2).

While many market commentators remain focused on equity indexes, the underlying economic environment continues to decelerate on a rate of change basis. Before reviewing the latest macro trends, the charts below provide some historical context to equity index performance heading into economic slowdowns. The point of this analysis is not to highlight the drawdowns or […]

U.S. demand continues to decelerate (Part 1).

Orders, imports, retail sales, and prices are all sending the same message – demand slowdown. The synchronicity of these growth and inflation measures sliding lower provides further confirmation of a weakening economic backdrop. We believe this is what long-end rates and the yield curve have been signaling for the last few months. If the economy […]

Medical Office Buildings Show Resiliency Post-Pandemic

Medical office buildings (“MOBs”) have increasingly become a targeted asset class for institutional buyers of real estate due to their stable demand, long-term leases, creditworthy tenancy, and purpose-built infrastructure. The growing number of institutional investors seeking opportunities in this market led to an all-time high in transaction pricing and volume in 2022, peaking at $397 […]

More signs of a global slowdown (Part 2).

Chinese economic activity was expected to accelerate to start 2023 and provide support to global activity. Instead, the data has moved in the other direction and is likely an indication they are not isolated from the slowdown we have observed globally. A slowdown in Chinese economic activity will likely weigh on global economic activity. Starting […]

More signs of a global slowdown (Part 1).

In the last few weeks, we have been noting the weakness in economic data from the U.S. and corporate earnings. In our view, this indicates a slowdown occurring domestically, as well as a reflection of what we have seen in other countries. Given this is a global system, it is important to monitor and highlight […]