Housing Market

Rents are still setting record highs in some US cities, but home prices are seeing their biggest declines in over a decade in other areas.

Happy Friday eve, readers. Phil Rosen here, clocking in from NYC. 

There's a lot to say about financial markets these days — the debt ceiling is a fast-approaching crisis, the banking sector has been rattled by failures, and stocks are still fighting the Fed. 

The secondary impacts of these risks are less obvious. What happens in each worst-case scenario?

Commercial real estate may hold one answer.

Because people ditched their roommates

Good morning, friends. Phil Rosen here. Today we're talking housing — but before we get to that, the big thing to watch today is President Joe Biden's meeting with congressional leaders. 

The cadre will look to resolve the hotly-contested debt ceiling stalemate.

Experts have cautioned that the so-called "x date" — when the country tips into a catastrophic default — could loom mere weeks away. 

Happy Friday eve, readers. Phil Rosen here. Surprising no one, the Fed raised interest rates by 25 basis points yesterday. 

That puts the Fed Funds Rate above 5% for the first time since 2007. Remember, the higher that goes, the more expensive it becomes for consumers and businesses to borrow.