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Turning Back the Clock on Rates, Risk, and Growth
The current macroeconomic backdrop echoes the early 2000s when the 10-year Treasury last had a “5 handle” and real GDP growth ran 3-4% after the dot-com recession. Today’s economy is resilient, supported by a tight labor market and AI-driven investment. Following a late-September surge, the 10-year Treasury yield is near a quarter-century high, driven by inflation and growth expectations. YTD sales volume for single property apartments trails last year by 6%, reflecting a slow recovery. With rate relief for borrowers increasingly unlikely, owners need to focus on operations to drive price appreciation.