• “Wait’ll Next Year”… Volatile Year in Capital Markets Draws to A Close…

• Fed Slows Down with a 50 bp Rate Hike… Policymakers and Markets Diverge on Future Path

• Fixed Rate Financing starting at T + 2.00%

• Powell Remarks, PCE Report Feed “Inflation Has Peaked” Narrative

• Construction Financing Starting at 5.75%

• PPI Data Continues The Narrative, 10 Year Treasury Down 60 Bps in 4 Weeks