May 5, 20265 min read
CRE spreads stayed tight. The FOMC vote was 8-4.
Five capital-markets signals that push against a uniform-risk-widening narrative: tight CRE pricing, a less-clean rate path, agency volume without obvious credit easing, official bank credit drift, and a CMBS delinquency decline.
Bank CRE debt share: 37.5%FOMC vote: 8-4All-CMBS delinquency: 7.14%