Insights

The current federal government shutdown is now the third longest in U.S. history. Fed Chair Jerome Powell reaffirmed expectations for a rate cut, signaling continued support amid economic uncertainty. The market continues to expect a 25 bps rate cut at the October meeting. The stock market rose...

The stock market posted gains earlier in the week but turned sharply lower on Friday after President Trump’s new tariff threats against China triggered a sharp decline. The S&P 500 fell 2.7% on Friday, marking its largest single-day drop since April, and ended the week down 2.4%. Despite the...

The purpose of this report is to present changes in lending markets across key property types for use in marking debt to market for financial reporting. The Chatham fixed- and floating-rate indices for each property type represent how coupon rates and spreads have changed. For the third quarter...

Shutdown update The government shutdown kicked off at 12:01 a.m. EDT on October 1, giving rise to uncertainty over how long it might drag on, which agencies will feel the brunt, and what the wider economic fallout could be. The U.S. has weathered four shutdowns since 1990, with lengths ranging...

Credit spreads shown are averages based on market rate conclusions for independent debt valuations conducted as of September 30, 2025. The market spread for an individual loan may vary based on property and loan characteristics, including, but not limited to, location, tenant profile, cash flow,...

The forward curve serves as a baseline projection of future interest rates to support investment analysis. Borrowers can use it to evaluate potential costs and returns on investments. While not a precise forecast, forward curves can help borrowers identify potentially advantageous times to...

Chatham sets out its business plan assumptions for Q3 2025. Our latest market update highlights how Q3 market movements, inflation trends, and evolving rate expectations are shaping key business plan assumptions for social housing providers.

The Fed dot plot is a visual representation of the projections made by each member of the Federal Reserve regarding the Central Bank's key short-term interest rate.

FX hedging costs vary across currency pairs. “Cost” from a certain direction of capital flow is in fact a “gain” in the opposite direction.

Last week kicked off with a bang as the S&P 500, Nasdaq, and Dow Jones all hit record highs Monday, fueled by Nvidia’s announcement of a $100 billion partnership with OpenAI, though the euphoria faded as the week progressed. GDP growth was revised upward to 3.8%, jobless claims dropped below...

Join our exclusive expert panel for a dynamic discussion on how leading financial professionals are conquering complexity and seizing opportunity. This isn't just a webinar; it's a deep dive into the insights and strategies you need to thrive. Whether you're exploring refinancing, seeking new...

Watch Jackie Bowie and Amol Dhargalkar discuss the risks and opportunities in today’s capital markets. They examined how real estate, private equity, and corporate finance leaders are managing macroeconomic shifts, geopolitical developments, and technological innovation to strengthen portfolios,...

Last week, markets reached new highs despite growing concerns over a potential government shutdown as lawmakers remained at odds on federal budget negotiations. The Federal Reserve delivered a widely anticipated 25 basis point (bp) rate cut, its first of the year, reflecting a slower labor market...

The Bank of England left the Bank Rate unchanged at 4.00% today as expected. Seven of the nine monetary policy committee (MPC) members voted to keep rates on hold, while two favoured another 25-basis-point cut. The MPC also announced a slowing in quantitative tightening to £70bn of gilt...

On Wednesday, September 17, 2025, the Federal Open Market Committee (FOMC) voted to cut the Fed Funds rate to a target range of 4.00%-4.25%. The first cut of 2025 follows months of political pressure on Chair Powell to cut rates and matched expectations from Wall Street. The decision comes amid...

The stock market shrugged off additional signs of a slowing labor market, including a 911,000 downward revision in the Bureau of Labor Statistics' (BLS) semiannual revision update. With the S&P 500 hitting another record on Thursday and gaining 1.6% over the week, the year-to-date return of the...

Last week, a weak jobs report came in at a fraction of what was expected. There was also a wave of corporate announcements: Kraft Heinz announced it will split into two companies by the second half of 2026, Google can keep its Chrome browser, and AI-company Anthropic raised $13 billion at a...

Inflation meets expectations, earnings exceed expectations, and, for the first time in the Fed’s 112-year history, President Trump attempted to fire a sitting governor, prompting lawsuits and a restraining order. Trump also dismissed CDC director Susan Monarez for "reckless directives," leading...

The latest economic data showed steady consumer spending, improving housing starts, and stronger manufacturing activity, though inflation remains elevated. At the Jackson Hole Symposium, Fed Chair Powell delivered a cautious outlook, stressing patience and data dependency in monetary policy amid...

At the 2025 Jackson Hole Symposium, central bank leaders, including U.S. Federal Reserve Chair Jerome Powell, highlighted that the current economic landscape presents a unique set of challenges that are distinct from historical precedents. Shifting dynamics of labor markets, demographics and...

While last week's economic data presented a mixed picture, the expectation is a 25 basis point Fed cut in September. Inflation and producer prices rose, retail sales were steady, and consumer sentiment declined. Key upcoming events include the Fed’s Jackson Hole symposium, with major central...

Trade policy uncertainty has morphed into tariff pass-through uncertainty. President Trump’s nomination for a new Fed Governor buys him time to decide on Jerome Powell’s replacement. New production data shows diverging views on the economy. The S&P 500 advanced by 2.44%, recovering from losses...

Today, the Bank of England cut its Bank Rate by 25 basis points to 4.0%, the fifth reduction over the last year and the lowest level since March 2023. The decision was highly contested, requiring two rounds of voting for the first time in the bank’s history, with a 5‑4 split. One member broke the...

Many expected last week’s news to focus on President Trump’s August 1 tariff deadline and related lawsuit, the Federal Reserve meeting, and GDP and PCE data. Instead, Friday’s weak job report dominated headlines. The report, which showed that employers added just 73,000 jobs (vs. 115,000...