Markets are pricing in a 64% probability of a 25bp cut in September and expect approximately 100 bps of cuts over the next year. Meanwhile, the 10-year U.S. Treasury yield is trading at 4.33%, near the lower end of its year-to-date range.

The months of supply for condos, which indicates how long it would take to sell the existing inventory at the present sales rate, is near a 10-year high. Besides a momentary peak at the start of the Covid-19 pandemic, it hasn’t been so high since the early 2010s.

In the Russell 3000, 41.5% of chief executives are at least 60 years old, up from 35.1% in 2017. Over the same period, the share of CEOs in their 30s and 40s has grown to 15.1% from 13.8%. People in their 50s held 51.1% of CEO seats eight years ago and now occupy 43.4%.

The $85 billion merger deal between Union Pacific and Norfolk Southern joins 50,000 miles of railroad tracks that span from the Jersey shore to the ports in California. The union would create a single company controlling coast-to-coast rail shipments for the first time in U.S. history.

So far in 2025, investors who buy homes to flip or rent out have made up about 30% of purchases of both existing and newly built single-family homes, the highest share on record. Small investors made up about 25% of these home purchases while large investors accounted for only about 5%.

Airbnb is making a renewed push into what it calls Experiences and Services—its second attempt after a 2016 effort failed to gain traction.

The Trump administration is proposing a $27 billion reduction in federal programs that provide rental assistance to low-income individuals. This cut would be part of an overall 44% reduction to HUD’s budget intended to slim down government spending.

The world economy grew at a 2.4% annual rate in the first half of this year, around its longer-term trend.

A $418 million settlement by the National Association of Realtors last year came in response to a wave of class-action lawsuits in which plaintiffs charged the NAR’s practices unfairly forced home sellers to pay inflated commissions to buyer agents. A recent study found the national average for real estate commissions on the sale of a home was 5.44%, which was up from a 5.32% average in September 2024.

About 43% of baby boomers say they will never sell their home, the highest of any generational group. The biggest single reason cited for staying in place is that their home is almost or completely paid off, while others say they like where they live. About 30% say they are staying in their current home because prices are too high and 18% said they are staying because they don’t want to give up their low mortgage interest rate.