Cutting Through Uncertainty: 2024 Economic & CRE Outlook (Part1)

Informative panel discussion on "Cutting Through Uncertainty: 2024 Economic & CRE Outlook" by Marcus & Millichap. Here are key highlights from the discussion:

Mark Zandi: "I’m happy to say that I think 2024 is going to be another good year for the economy.

I think the economy will create a lot of jobs. Slow but still see solid growth across most industries. Most areas of the country unemployment remain low - below 4% for more than two years. Believe it or not, you have to go back into the 1960s to find a time with 4% unemployment. We should expect another year of sub and close to 4% umemplyment rate.

Inflation should continue to moderate. All the trend lines look good. I think we should be back to the Federal Reserve's target comfortly, that is 2% inflation rate on the consumer expenditure, by the end of the year. That should allow Federal Reserve to start cutting interest rates. Federal Reserve is saying 3 rate cuts this year. Quarter point each time each time. Markets investors are discounting six rate cuts. I said somewhere between 3 and 4 rate cuts seems about right to me. So we got rates moving south."

Mark Zandi is an American economist and the Chief Economist of Moody's Analytics. He is well-known for his expertise in macroeconomics, economic forecasting, and financial markets. Zandi is often sought after for his insights into economic trends and has provided analysis on various economic issues. Additionally, he is a frequently cited commentator in the media and has testified before Congress on economic matters.