At the end of September, there was the question of what was happening with the 10-year Treasury. Two weeks later of volatility and second-guessing the Federal Reserve and the question is front and center again.

More realistically, it never went away except in the minds of traders and economists who might have thought everything was straightened out and a soft economic landing was just around the corner.

But things have been going back and forth for a long time. Two groups of Treasurys and how they interact with commercial real estate financing. The 10-year yield affects longer-term mortgages because it acts as the risk-free investment available to lenders and investors. Short-term instruments, from the 2-year and down to monthlies, are risk-free comparisons for CRE financing like bridge and construction loans.