Inflation Split: CPI Cooling, PCE Still Sticky

New inflation data is sending mixed signals to markets. CPI is cooling as rent growth slows, but the Federal Reserve’s preferred inflation measure, core PCE, remains elevated above target. In this episode, we break down why that gap matters for commercial real estate, how multifamily supply is influencing inflation data, and why borrowing costs — not tenant demand — remain the primary constraint for development, refinancing, and investment activity across the CRE market.