Fed Keeps Rates Steady: The Federal Open Market Committee (FOMC) maintained the federal funds rate range at 5.25% to 5.50%, as expected.

Ongoing Balance Sheet Reduction: The Fed will continue reducing its holdings of Treasury securities, agency debt, and agency mortgage-backed securities.

Potential September Rate Cut: Optimism for a September rate cut exists, but it is contingent on economic conditions.

Formal Statement on Rate Cuts: The Committee stated that a rate reduction will not be considered until greater confidence in inflation is moving sustainably toward 2%.

Powell's Criteria for Rate Cuts: Chair Jerome Powell mentioned that a rate cut in September could be considered if inflation decreases quickly, growth remains strong, and the labor market stays stable. Conversely, persistently high inflation could delay rate cuts.

Mixed Reactions from CRE Industry: Some in the commercial real estate industry were disappointed with the lack of a rate cut and more definitive guidance for September. Experts noted the Fed's acknowledgment of slowing inflation and rising unemployment but emphasized the need for more data before confirming any rate changes.

$2,000,000 Refinance of a Mixed-Use Portfolio in Inglewood, California.

Tony Messiah of PSRS arranged the $2 million refinance of a three-property, mixed-use portfolio in Inglewood, California. The three-property portfolio is a mix of industrial and office space, making up 54,765 square feet. The subject is located a quarter mile north of LAX in the industrial property hub that houses major corporate industrial tenants. Financed with one of our life company correspondents, PSRS provided its borrower a non-recourse loan, with a three-year term and a 30-year amortization.

$1,000,000 Acquisition Financing of a Retail Property in Nashville, Tennessee.

Kostas Kavayiotidis and Matthew Farzinpour of PSRS arranged the $1 million acquisition financing of a retail property in Nashville, Tennessee. The subject property is a 4,862 SF retail property housing 7-Eleven as a tenant and features 14 fueling stations. Financed with one of our correspondent life insurance companies, PSRS provided its borrower a non-recourse loan, with a 10-year term and 30-year amortization.