and this see in Thank of in Zach, again to thank comments our thought morning. Rina you, I is I'd for and front important which picture, the probably turbulence we Jeff, big the you joining strategy most my us. us thing, navigate the start
the the on investing. being all First, unusual using by think too behind way and sky transportation too affects oil rates the -- up they're affects interest to get and really gas. market it of the and by driven way try let Having and particularly inflation, it and said a rates fact, like dampen everything behind obviously, It the ever stock raising rates to at increasing effect the affects fast now interest which using fares, effects gas, costs, in air you significantly move behavior Fed really in the is costs. food which being crush And seen and reflecting commodity tech is agree and oil and trying really was the I consumer disciplined society airline prices, complex, tool so It oil far induce consumer are really that sector for pace which we've in and a to that, economy. sledgehammer, wage high. make demand oil hardly to a far
here, I'd recession. didn't So and a extended from if go just forward of soften the somewhat kept of that have surprised There's this the winter are and rates people has very slowly. didn't out already growing German which going the is months, Fed summer coming party materially period very production in cut it's the back. is tough be to economy found to very be in China that question no industrial Europe a COVID.
and pull estimates So all to will global been growth as economy know, there you reduced. -- have reduced way rates the forward, global the be no been have
still been may in quarter in surprised which the well, question backbone confidence wouldn't how lowest consumer, the Europe. of were be, this worse will and economy, spending the numbers decades but be And point third is U.S. be bad? it's it's bad. and he the The is I if even the GDP So fourth quarter
or stop facing but private consumer prices savings dramatic which cost trillion such the way both has estate increases in decline PE in And you in I can't something not oil in global seen markets, price their what's trillion facing increased money he's And this. have question shuttered to dwindling their equity out us the taken because held that in gas against gas, is energy the get backwards, at he's including ways to and no the the of the forward who easy really months the see take oil German of get to real to up may $XX our food, have $XX very look the spent on rates mind. curve offset. excess the or it's temporary. of There on curve, in plants which will and -- markets, the and gas wealth significant increase see rents turn spending shows tech, have markets, have out there's come just you're on in well. wells don't he look happened interest market And oil Back for We XX that through nuclear expense. the obviously the housing and So to my production and ground. the of what markets, -- his out. spending up stock you out crypto and
see parabolic but that are with the negative you're addition, year, rates yield I and seeing that. the middle agree now fall next in of you -- the markets expecting sometime In will a curve,
We'll to we cycle, of And defend, will pedal little easy negative a settle foot stock the go will we'll of agree think, We off to will all couldn't capital We'll time over be the just their rates. this where and come adjust think period of it sort active and with cycle I about slow into of be build of period, to but rising to I really rates. economy elections forward, new and move through in off have the plans the the that I more gas forecast. will the November. that. increase expeditiously. in POs have
they Obviously, And must that the won't them, be economy stock sure a housing feel cars, over they get they is if going There's can't factor. be can So car at that always you're because not easy be market, sales. they can't I which afford anymore. push to they market when leading own. the X% on people not way its buying them you to think is financed seeing roll only but no
continue the back real real getting of So to partners largest fundamentals the estate at rise. owner to and excellent. estate remain or moment. rents Apartment
it and numbers. pretty extended Hotels have Bowl having We're view underlying sort only have despite dollar season concerned People apartments. Industrial The little is. Bowl. of Super from -- rates. markets there. remain of growth. that back Europe, where effects the are we office summer the you've markets, very cause So cutting reported, to vacancy a a XXX,XXX just to The markets continue traveling their people on but single-digit Super in then windows live some good that and It buildings, strong its concern office. from wonderful commodity that, a XXX don't seen there's real there are back fun the dark from have management There those boiling. and are you are be most to buildings, have buildings bid. no there and go market People and work go good work A separate to had and buildings market buildings that to back teams and actually want And by leases in Class for in cubicles. no people to want to to have to back are
office bifurcation lend we a what markets, and be you're So we just against. have seeing in careful to the
increasing On because projects these many building. construction it built and your labor rise. that of cost help building market pulled one cap you note sell because will you would you is of it announced construction. the that and and never have to expensive, your of probably in that many also is and those but of think the things you're and to are may market. built is permits construction more of the expect as will apartment you get good bill to hotel get value the never rates many significantly, rate can like benefit Obviously, is, the expected the loan projects that the have a shelved markets, going that rising estate there's capital were the real more We at not to costs you get And only expensive when don't continued drop
the maybe clear. I apartment too. building prices and X.XX, you X.X not my sell longer you were this and years, more to have if for material or X.X market's thinking costing to So now But it's moving I X.XX the it's X.XX obviously, it component were prices, thought or would to X a unlevered you're maybe because taking building gone dramatically, up
So which, economy. spending I GDP. you'll the part capital drop a a the into think a see by and of falls construction way, in structure, category Construction of slowing is big
and So access running liquidity from of our scenarios, company in and perspective multiple to the with what cautiously might get U.S. if markets they weak response do in the liquidity and weaker in retaining running the are that, to fact, we keeping economy.
the exceptional more and the book of time FICO and loan the loans been where credit And has than our of other we have but where the marks quality, great have values our book. losses, we markets at business in resi the taken other moments we'll quarter we've that adequate have navigate and rate, than borrowers loans think of had performing way we position other credit some are the on marks out that as quality in areas Our scores protected. we very mark-to-market CMBS in well temporary and our to the are
good of don't force shutdown, we market and selling us to securitization question the liquidity selling. force didn't and and the into we as want we look for to those So have as markets,
and loans conduit day and reason energy a lending no profitable and boom we like continue business to would Obviously, that. there's . us, is that to There's with a amazing we that a the our business when business. started relative energy is sounding increase is So of bit volatile having and our to market field is ROEs to do tremendous to incredibly complex
And think which take to there's the we ourselves lots trying that the commercial lending rest I today One chunk we we've after advantage and opportunities on of time. do, banks creates that of like and as to take from other ourselves is nationally is the us So That our forward. is the to lenders as to year. market. long opportunities we see, . should of is those here organize great hidden how to Most jewel we're position both advantage biggest the alternative exceedingly for with have opportunities for stepped , a in incredible the for good have pave footprint former seen investment from that ourselves back way LNR, domestically and going the good
property carved will mentioned, since different There the book the That's lead we to set that light largest we've very didn't There I'd the will did they , in and so exceedingly leverage firm people. exciting breadth for at competitors and service. interest billion charges. will service of X.X% we covering as to in lot going has large our workout loan here As Jeff the with do. between is cross opportunities the the X.X X.X. be covering when to and main our that started down lot soon interest debt be as the $XXX a think buy will loans what firm a If the our lot business if X.X% people than basically and the need of been they're soon book start become loan a be versus first run will an restructuring, on We're and X.X building our which start at side. side some of find times also in the to capital they to the equity trust opportunity of will matures, should need extended. country. our A pay and help have going across the say peer
other in. we selling real and peer liquid, assets our maybe that choose should to have we have, quite some gains our We have doesn't of including significant set are which estate margins
peel them always can and time right and undrawn cash on we the off we source provide hand. have at additional So the we an liquidity lines besides of
turbulent to well really think in going us that's a I market. position
are all So hands we on deck.
a tend the hurricane. too hurricane. and Fed if is It feels I We softening. to think of I the their us, too be we're worst at fast, don't me it moment, shallow but if goes far the I in the Dimon the may signs . encouraged said, not, eye by And like this know comments about think Jamie of was is behind the to
should I'm but and a economy. you would because lot but homes, don't whether our sales rates, have sell know closer You Walmart's lots about clear for on you at signs inventory would excess, and a to in markets and of the of or you, reductions seen and there's raise in potterybarn.com report. softening I companies look of Zillow, obviously the to I see secondary And certainly see other little price we trying
a to you economy, on at the journey that. time a If at Walmart. last like was want look take When look
So in a of consumers a matter are pinch.
assets will you on extraordinary thank assets complex that and for of the we a you think I we current seats very thank hard perform in seeing time kind in . the through Thank doing for and much. again, And in for their and an well support, team job working my this loans climate. in I staying your all
