PHOENIX—KC Conway, a Counselor of Real Estate with SunTrust Bank in Atlanta, told NAIOP Arizona members at a recent market leaders series there were signs that the Federal Reserve Board was not going to raise interest rates. Conway addressed the audience at the offices of Colliers International a day after the Fed cited risks from abroad and downward pressure on US inflation from a high dollar as reasons to stand pat.

“When the Fed is about to do something, it is so telegraphed,” Conway said. “(Federal Reserve chairman) Janet Yellen didn't attend a conference in Jackson Hole, WY. They usually get very vocal, but not this time around.”

Not even a volatile stock market, Conway said, could sway the Fed. He noted that during the recent, six-day period when the stock market began to plummet, market cap loss was estimated at $1.4 trillion. “You know what,” he said, “consumers are still doing OK. We seem to roll with the punches.”