The federal government shutdown is expected to have little direct impact on CRE, though delays in data releases and shifts in consumer sentiment could create near-term ripples.

Headline CPI rose 2.9% and Core CPI 3.1% in August. The Fed cut rates in September, signaling relief ahead for CRE even as cost pressures persist.

The Fed delivered a 25 bps cut in September, easing short-term rates. While this offers modest relief, divisions within the Fed keep long-term debt costs uncertain.