For those in commercial real estate worried about the immediate economic future, today brought a double dose of bad news.

First, in order of occurrence, the Atlanta Fed gross domestic product (GDP) tracker just indicated an update of estimated second quarter economic growth: 0%. Then came the moment many had been steeling themselves for. The Federal Open Market Committee of the Federal Reserve raised its benchmark interest rate by 75 basis points, the largest since 1994, according to multiple outlets, and a jump up from the 50 bp increase that the Fed had previously telegraphed. 

As of 2:15 eastern, markets, while not joyous, are taking the changes in stride. The S&P 500, Dow, Nasdaq, and even the Russell 2000 are all up from yesterday. That may be because there were already expectations of the higher Fed hike and the GDP estimate news having come out earlier today. It might also be that investors are happy that the Fed is taking stronger action in an attempt to bring inflation under check. But there could be repercussions for CRE.