The Fed will not stop hiking rates until it sees the unemployment rate spike, the banking system won't collapse and there won't be a recession in 2023—but whatever you want to call it will walk like a recession, talk like a recession and even sound like a recession.

"Our baseline is there will be no recession in 2023. It's not a recession, it's a slow-cession, growth will be very slow," said Kevin Fagan, Moody's top CRE analyst, in a keynote presentation entitled Insights into a Disruptive Marketplace at the GlobeSt. Net Lease Spring 2023 conference, held at the Marriott Marquis in Times Square on Tuesday.

Transactions are waning but, judging from the crowd at our annual event—the largest turnout in the 20 years GlobeSt. has been hosting these confabs in NYC—the appetite for insight in uncertain times keeps growing as the Fed mulls its next move.