Credit conditions, consumer stress, and office finding a bottom

The latest CRE Exchange covers a packed week of data and market. Cole Perry and Omar Eltorai work through the June CPI print, consumer credit pullback, and existing home sales data before digging into the WSJ economist survey and Fed meeting minutes, where the most notable detail is a credit market splitting between large and small borrowers. The episode closes with early Q2 bank earnings from the four largest US banks, including reserve releases on office CRE loans at Bank of America and Wells Fargo that suggest the office credit cycle may be turning, and lender scrutiny around data center financing may be growing.

Key moments

01:50 Inflation hedge data

03:13 Patriotic owners trivia

06:57 Consumer credit update

08:56 Housing and CPI prints

12:31 WSJ Economist Survey

22:59 Fed minutes breakdown

29:34 Big bank earnings takeaways

36:23 New segment: CRE Bag O’ Random!

42:38 Upcoming Calendar and Wrap

Resources mentioned

Consumer Credit — G.19 (May 2026) - https://www.federalreserve.gov/releases/g19/current/default.htm

Existing Home Sales — June 2026 - https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-4-decrease-in-june

Consumer Price Index — June 2026 - https://www.bls.gov/news.release/cpi.nr0.htm

WSJ Economist Survey — July 2026 - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998

FOMC Meeting Minutes — June 16–17, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcminutes20260617.htm

Massachusetts YIGBY Bill — H.5562 - https://malegislature.gov/Bills/194/H5562