Patrick Carroll, whose company manages $7.4 billion in assets, likens Wednesday's Fed rate hike to another punch in the gut for the real-estate market.
Real estate mogul Patrick Carroll, whose Atlanta-based company manages $7.4 billion in assets, had a thing or two to say about Wednesday’s rate hike by the Federal Reserve. And it all boils down to what feels akin to another punch in the gut for his sector.
“The more the Fed continues to push rates, the more the real-estate market is going to feel pain across the board,” he said in an email to MarketWatch after the Fed lifted its main interest-rate target to between 4.75% and 5%, the highest level in more than 15 years. Stock Market Today: Did Yellen upstage Powell? Stock market slides after Treasury secretary says not looking at expanding deposit insurance
The Real Estate Select Sector SPDR exchange-traded fund XLRE fell 3.7% Wednesday and is down 5.7% so far in 2023, compared with a 2.5% year-to-date gain for the S&P 500-tracking SPR S&P 500 ETF Trust SPY .
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