By freeing up cash, the Trump administration hopes banks will buy more long-term Treasury notes.

There is still a lot of promise but the days are early and there is a lot to work out.

That may contradict other projections, but multiple sets of numbers are looking at distinct phenomena.

It’s a sign that nerves over tariff uncertainty, especially in areas like retail, may be starting to settle.

It could take until at least 2030 for international tourism to recover.

Private investors were the biggest buyers, outspending institutional investors by 2.5 to 1.

Banks have become more conservative with loan-to-value and debt service coverage ratios.

The market shows early signs of stabilization, but there were increases in delinquency and special servicing rates.