Immediately after the election, there was a lurch.
Yields on the 10-year Treasury jumped by 21 basis points in a few hours. CRE investors had already been trading their interest rate cap extensions to take risk off the table as much as possible.
The 10-year has since returned to the levels before the election. However, the question remains how the changing political landscape will affect the Fed. Historically, presidents and the Fed have had turmoil in their relationships. Donald Trump has heavily criticized Chair Jerome Powell both during his previous administration and now. And Powell on Thursday, after the FOMC meeting, made some things clear, even somewhat delicately phrased.
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