Rate Cuts

“Never underwrite on a rate cut that hasn't happened. That's the difference between data and hope.”

“That doesn't mean I think we're going to see many more rate cuts, but we're probably going to see a couple more.”

“But remember, historically, rate cuts that are preceding a recession or fears about a recession are oftentimes sold, right? It doesn't cause the market to go up. It actually causes the market to go down.”

“I'm still in the camp that we're going to have rate cuts ahead of the election, but the market is now pricing and I think only three rate cuts between now and the end of the year.”