In recent weeks, we have gained clarity on policy in the United States. On the fiscal policy front, that clarity stems from the passing of recent budget legislation. On the trade policy front, that clarity comes from our own proprietary modeling, which is already proving helpful and accurate given the slew of trade policy announcements in recent weeks. Taken together, they can help us focus on the outlook for the economy and commercial real estate market. We are a couple of weeks away from our quarterly global outlook, but for now let’s look at these two important policies and short-run implications.
The U.S. Congress passed its new budget bill. As usual, the budget passed via reconciliation which means effectively (though not always actually) its impacts can last no longer than 10 years. But the short-term impacts hold noteworthy implications. First, the bill provides tax cuts for individuals and families which should increase disposable income, especially for higher-incom
