Yesterday's announcement of a 50-basis point benchmark interest rate increase by the Federal Reserve's Federal Open Market Committee was expected to have a conciliatory, kinder, and gentler tone.

But, for the CRE industry, if the announcement were a movie, it was less romcom and more opening undertones of dread in a horror film.

Yes, there was an increase of "only" 50 basis points. Historically a fast clip, but far better than the previous four 75-basis point ones so far this year. Not counting the other couple of hikes at the beginning of 2022.

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