In this week&#x27;s episode of The TreppWire Podcast, we unpack a week of mixed market signals as the Fed held rates steady, but the bond market told a different story. We discuss what the market&#x27;s reaction says about inflation, interest rates, and the outlook for CRE financing. We also cover a series of major New York City real estate stories, including new stop-work orders at office-to-residential conversion projects, Macy&#x27;s decision to remove its iconic Herald Square shopping bag sign, the latest on the Flatiron Building&#x27;s luxury residential conversion, and the rollout of the city&#x27;s new pied-à-terre tax database. Finally, we break down super regional bank earnings to assess what they reveal about CRE lending and credit availability, before discussing the latest data center developments, from AI-driven market volatility and power constraints to tenant credit risk, and another massive project announcement. Tune in now. Episode notes: • Macro Update: The Fed Holds Steady &amp; the Bond Market Pushes Back • AI Anxiety Triggers Circuit Breakers in South Korea • New York Property Tour: Stop Work Orders, Macy&#x27;s Sign, the Flatiron &amp; the Pied-à-Terre Tax • Digging Through the Data: Super Regional Bank Earnings • July CMBS Delinquency Rate • Data Centers: A Kentucky Mega-Campus, Grid Constraints &amp; Neocloud Risk • Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

411. Play the Ball? Bonds Threw a Curve: New York CRE Shakeups & What Super Regional Bank Earnings Mean for CRE

The TreppWire Podcast: A Commercial Real Estate Show

Welcome to the TreppWire Podcast, the show where commercial real estate meets data and insights. This is our week in review for the week ending July 31, 2026. I'm Haley Keen with Trepp, a data modeling and analytics firm for the CMBS, commercial real estate, and CLO markets. I'm with Lonnie Hendry, Chief Product Officer, and Stephen Bushbaum, Head of Applied Research and Analytics.

The Federal Reserve stood still this week, but the bond market definitely did not. The Fed held rates steady, although three officials voted for an increase, revealing a meaningful split over how aggressively the central bank should respond to persistent inflation. Chairman Kevin Warsh reiterated that the Fed remains committed to its 2% target, but investors appeared less convinced that another hike is imminent. Shorter-term Treasury yields fell following the press conference, while the 10-year moved higher and the 30-year climbed to levels down to the next level of the Fed.

The Fed has not seen since 2007. That left markets with a complicated message, less confidence in a near-term Fed hike, but growing concern about inflation and longer-term borrowing costs. Overseas, AI anxiety helped trigger an extraordinary sell-off in South Korea, where both major stock indexes hit circuit breakers for a second consecutive session.

The episode provided a warning about market concentration, leverage, and just how much global growth optimism has become tied to the AI investment cycle. Also on today's show, we'll take a walk through several major New York property stories, from additional stop work orders at Office to Resi conversions, to a major change at Macy's Herald Square flagship, and the latest chapter for the Flatiron Building.

411. Play the Ball? Bonds Threw a Curve: New York CRE Shakeups & What Super Regional Bank Earnings Mean for CRE

Read the full transcript

The candid version is on a podcast,
not the earnings call.

411. Play the Ball? Bonds Threw a Curve: New York CRE Shakeups & What Super Regional Bank Earnings Mean for CRE

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.