A couple of weeks ago, the Fed did as was expected and kept the overnight rate unchanged. No surprise there.

The Fed cited elevated short-term inflation risks, and they're maintaining their cautious stance, which means, interest rates will be higher for longer, Marcus & Millichap's John Chang shared this week during his firm's trends analysis video.

"Now, the risk of keeping rates elevated is that they could be too high for too long and that could spawn a recession," he said.

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