No hike coming tomorrow, in fact........
I am not expecting any fireworks tomorrow, more specifically there will be no rate hikes tomorrow, in fact as of right now, barring any extraordinary data, I believe we are at peak rates. In fact, as most now know, "rate hikes" are no longer per say, the worry. It has now been replaced with the length of time rates remain this high. I have been on record as suggesting we actually do start cuts sometime next year, earliest likely second quarter. The fed has a very fine line to walk tomorrow to be sure. I should think if we even see a void of hawkishness (definately doesn't have to be bullish) we will be fine as well. I think you will see the same message as the last while, inflation still there but coming in, job not quite done yet but getting there. Long and short of it, remain data dependant, won't say it but hikes are done. That will be the message with a lean towards holding rates where they are for a fair bit. That narrative keeps things somewhat in check and can and will change as necessary if we slow quicker than anticipated. We are in a seasonally tough spot here plus we were quite over bought with market multiples arguably high for current interest rates thus the pull back. I maintain reits are to be bought now, not sold (selectively) with an eye on the R word. Artis will sell what they need to sell to "squink" through. I don't see the entire reit being sold moreso because our fearless leaders, while having shown some ineptness, won't give away the ship. If they do, well epic failure but all in all, we reclaim our cash, put it back to work and move on.