The Federal Reserve Bank ended its quantitative easing program last week on a satisfied note. The program accomplished what it was supposed to, the Fed said: it stabilized the economy during a time of upheaval and significant unemployment.
In truth, though, the impact of the program will be with us for some time. The Fed has only stopped buying these securities; it still holds a massive amount on its books. The bottom line for commercial real estate: it will be business as usual in terms of rates and policies for at least the next six months.