As many expected, the Federal Open Market Committee of the Federal Reserve in its scheduled meeting today announced another 75-basis point increase to its benchmark target rate range. That's the third time this year the Fed has done so, making the overnight rate range at which banks lend to one another now 3% to 3.25%.

Not only does that mean higher interest rates everywhere else, and certainly in CRE financing, but the FOMC "anticipates that ongoing increases in the target range will be appropriate." In other words, expect the process to continue and rates to keep increasing.

As the New York Times put it: "Even more notably, policymakers predicted on Wednesday that they will raise borrowing costs to 4.4 percent by the end of the year — suggesting that they could make another supersize rate move, followed by a half-point adjustment. Officials estimated that rates will climb to 4.6 percent by the end of 2023, up from an estimate of 3.8 percent in June, when they last published estimates."