Following the U.S. central bank’s decision to keep the federal funds rate unchanged, the turbulence in the commercial real estate market has sent shockwaves through the country’s banking sector and internationally as well. On Thursday, New York Community Bancorp witnessed a further 13% decline, while Japan’s Aozora Bank plunged to its lowest point in eight months, primarily attributed to its involvement with U.S. office loans.
From New York to Japan: Aozora Bank Faces Share Plunge as U.S. Commercial Real Estate Woes Intensify
Government statistics and the recent statements from the U.S. Federal Reserve are failing to align with the real-world situation observed on Main Street. During Wednesday’s announcement, the central bank opted to maintain elevated interest rates, with Fed Chair Jerome Powell emphasizing their pursuit of “greater confidence” in achieving a 2% inflation rate. Notably, Powell refrained from addressing the turbulence in the banking sector, which had experi
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