and everyone. am the with If Thanks like COVID. morning, I'm us. with being I Jeffrey for weather. I you, good and sound Zach, home Thank under
I So The money -- just was -- not might number on of real so own I'm economy going normally that be reasons, be one you not few call so ] -- being too the was [ less markets. much but spent be. and know, you some might longer too have on critical been was for COVID many the slowing I a before, sales its of the comments as sure I've quick go might on goods. very me the chasing estate stimulus I here the of -- being was and would fed were key package the there restocked, no anyone but
money kind basis while began Recovery the scale spending economy supported enough of infrastructure had public packages Now course, economy of even that of you business Act the XXX though which has American the remaining other the even Act economy kept the the of was the private risen and been in delay jobs CHIPS while of my less Act the money have have the build. keep weakened rates sectors flat, in Inflation, forecast Reduction construction the from stronger dynamics points, travel to bill, to
is as think, do inflation I've down. I And vocal very been about that coming
apartment trending which been for TV, particularly I inflation think through in down, the comes following have [indiscernible]. on rents we third I've saying that of months and the were rents segment, a
running the numbers coming still the X% Fed XX%, XX% are rents for situation the oil scratching I in So move of but they're head which prices. around X, East. it. rents, X%. XX% we're to think with positive, they Middle but up Inflation falls sort the it's when below And with Fed current were they're X% down running our missed not of of wildcard and oil except all at or almost just today. the And the for $XX
oil disruptions -- you and what you rates. to should when top cannot general, be and inflation the will there say, in the seen head your I in you you've to But happen supply. think might forecast That's scratch cannot I
impact, his attention paying though And I will data, the banking credit crew the money and a more world banks to economy. are reduction what's on in delays in from contraction happened of the credit in and it have they the own think actually world, of center their delayed significant regional little actually, the a this now. the and corporate mention Powell it's
are other significant And fight have the real he's top estate that saw of industries inflation, trillion U.S. like the where say that that move again, consequence of this to gains our seen the real spending real week, XX-year basis points estate So to supports expense in is I material the estate XX on money unintended government We think interest he's but the a $XX fighting. rapid crushing is that revenues debt. capital fuel increased I'd last after you help this offset -- just rates you didn't the the of of all complex.
So the trillion government of $XX months. almost can't debt $XX X%, next in I of also trillion our afford XX the said rolls really
slightly it's it's that, more X/X. think like than I
bill $XXX low. very And in a interest coming have absurdly billion interest budget soon. in the you current is the expense So
again, to probably Volcker. opportunity will compare almost a who $XX important he people forward. It just us trillion of And what He deficit. the it on the framework set Volcker going had for if deficit. I climb the we're is closer forms to and he's trillion $X doesn't operated doing what relent. negligible All is this billion because doing what
the the on they I that's when February, and this deficit, of to amazing because be think receipts. So There's a $X.X of COB, in by announced the thing I not one happened, of off the they'd number, one deficit, about delta their XX% if if budget year which -- it just have thing March would our by trillion, course, was decline more the were largest $X miss $XXX trillion don't billion jobs. guys is the
are he other be to equation, seem is the the side he's to side. realizing which doing what the of doesn't revenue sky We plotting and deficit the
sold their they was interest receipts, billion created $XXX original for forecast their $XXX billion And variance down a $XX low to off. book. in the then expense Obviously, the billion deficit. That
down. Powell real new and capital was the estate. $X.X money to loaded other led the didn't in reduction properly. trillion are FDIC what's deploy is estate their the of getting banks real what off are on the a more is from Reserve have tremendous have That group, in So interesting, course, exposure field. M&A, way to debt Federal pressure limits to of OCC our down reduce center and regional we but But the that up it Anyway, in opportunities of XX%. dramatic banks, which he doing, Real corporate transactions, that XX%, estate forecast everything they is number transactions players was who to
has since one That GFC, when with best lending of us again, there environment maybe in environments in back XXXX lending we credit. started best left the the probably no firm this the was
So Starwood forward, managers and remarkable the position in want opportunities position for there to real this as the hope to -- We that in other space private going enjoy taken market private guy seems corporate the of in preeminent really credit. much credit, can itself are have advantage way credit. alternative the we and be lender of estate their
and the and like sure what speed. of cars kind is out, we team the -- we're around So we it's going the our this, to out figure make to like are safe you're the call engines what of come call that the it, it I the flag full fine-tuning are when working our to cars on out track drive and going trying racetrack, back to on get and hope
lot very well full business a of speed. aren't There we're securitizations. our a think transactions are conduit lines X of sweep. to just do I The only lot of positioned A did do. business kind for
mentioned dilutive, have cash, be lender. true the cash our assets we And that off is up that or a is these we're how lines. earnings, lines today We in producing only any earning X% not and those of us the existing books accretive is that not build cash can for significant largest to but which pay by including many not of will it of because company. capital, as off our for the accretive lender to it value paying bunch markets loans there there's redeploy REO is Jeff that's as recover, and our the
are capital deploy and rates. at working of with lenders, extremely existing just and capital favorable new lot spreads set a for these come opportunity which in limits borrowers the to their So
is of further the spending, global rate right happens worldwide maybe curve I you'll And can't and down, think would what which the come and of global and it's fragile. basis sad forward The too will good. economy a engine should that follow talk is defense market favorable, the is thing rates have because down real up is we'll first I people There's either other if think I I stand but don't rates a mean economy growth markets. about the the all the think I reduction XXX curve wrong guess because rates, of interest than point now no real i kind pulling comment. the come
So you'll rates come be and think that spreads in, see double are peaked, when a see that you hammy. I will
asset an So XXX rates in but over to classes come down. used world be XXX, be XX. to at of XXX for they will sort unnatural it's AAAs over some
and and should when if you Spear you which a see [ down, base you'll on dissipates really spreads we're of this ] can. the come both means be today, you see want down So to backside come lender rates
to more we see on And consistency for the out we of a is offense company to are just in of are this marketplace want we've you next our today and can because be position from be there could there out careful. stability the transparency, hopefully, it year. start situations we'll but lot there, distributions We're minefield being go a be trouble where a here XX careful of gone and and which ago. the in years
Starwood -- about they Solutions finally I get BlackRock package into business. Solutions, software excited and manage to book and built a small ago, their firm billion help a name that $X.X to So that last BlackRock credit became them EBITDA and looked exposures -- long into really business created I'm
banks technology-powered but and being team database a people, maximize second massive huge the that which other the well do, with many database special service largest things that L&R in real estate and dedicated one large has backed don't of a and do that workouts. do by We helps nation or it And value assets. is experience
meaningful U.S. every mean, clearly question anything business talk the bifurcated. quickly firm. our is business. are would that going become, incredibly time the Obviously, get dedicated expand off to that is And to business, for speak invested I a ROE. no it. of And high there's about time, ROI, I line just intellectual the I hope last, capital. It I want of today new U.S. over researches free So office I capital about to office streams we It's
there's struggled. holding But in rents buildings not And -- new and and not net no has the built, estate some It's there's net them, United news markets the are ESG-compliant these can't none else everything being their people like is leasing construction general, either the real great so there not markets they in New good Obviously, you States, full volume. the afford are multi in have of and is an will but in issue. XX-year that can't homes. for homes, multis downtowns There's overbuilding certain pass. and loads buy absorption.
even slowing, reaccelerate would though are So apartment coming in expect they everything would the and months XX I over the rents class. supporting that class asset asset residential
So the hotels States, so And margin we had already so And employees. which much we've funding. one in is of their would have to and expect other stop, our weekend of back own hotel a United shockingly. loans safety, yet, future Europe the hired leisure and are paid good hold it off. then have that now some travel not they're some everyone didn't in is but I'll to comment, with normalized, They I their continue full they margins
worries sort the liquidity on future that history. things when And we it but most we for in our one that's commitments me firm's have the it's ever we is of funding. One repaying, lowest been the of want have don't
their ourselves Board thanking think in advice and we've team the going the locked since support choppy and job for again succeed these navigate a I to and and we up So is set forward, gracious waters. doing
everyone we'll listening, questions. thank for with and So to stop take hope I that, going and I'm