The private real estate market got a boost last week when the US Federal Reserve lowered its benchmark policy rate for the first time in nine months. It is a welcome shift for a property sector that has spent three years grappling with the consequences of higher-for-longer interest rates. But what are the immediate effects of a return to rate-cutting, and how does it alter forecasts for capital deployment and returns going forward? This episode breaks it all down, with reactions from across the equity and debt sides of the industry. Listen as host Greg Dool chats with PERE Deals editor Guelda Voien and PERE Credit deputy editor Randy Plavajka about the market context for the Fed’s shift and the key indicators for real estate investors in the months ahead. Later in the episode, we hear from Newmark’s managing director of global research, David Bitner, and head of commercial capital markets research, Joe Biasi, for their take on the news and the extent to which it alters the calculus for dealmaking and fundraising in the rest of 2025 and beyond.