With some softening in inflation and some slowing in the producer price index, many had started to hope that the Federal Reserve might begin to pull back on the interest rate increases. The CRE industry would welcome that news. Except, it probably isn't coming. At least not this year.

The Fed released the minutes from its July meeting. Granted, it is a backwards-looking mirror of about two weeks, but close enough to give a sense of how the Central Bank is looking at the economy and its plans. The sense is that mild improvement in some parts of the economy isn't enough for a big change.

"Recent indicators of spending and production have softened," they wrote. "Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures."