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Hike! The Herald Fed Sings

Line chart plots Federal Funds Effective Rate and NPI annual total return during periods of rising rates. Chart subtitle: Core real estate has historically performed well during periods when the Federal Reserve is raising rates. Chart visual description: X-axis years begin in 1977 and in two-year increments continues to 2021 with labels, though line data is through 9/30/22. Y-axis is labeled Federal Funds Effective Rate and ranges from 0 to 25%. Rate line is purple. In periods when the rate increased, 9 labels show NPI Ann. Total Return with data label and corresponding upward green arrow. Label overlay on chart shows Avg. Ann. Total Return = 12.8%. Chart data description: Peak for Fed Funds Effective Rate over time shown was 6/30/81, at 19.1%. Peak for NPI return is most recent period, with 18.2%. Chart source: NCREIF, U.S. Board of Governors of the Federal Reserve System, Moody’s Analytics, Clarion Partners Investment Research as of October 2022. End chart description. See disclosures at end of document.
Posted on December 8, 2022December 8, 2022 Full size 2867 × 1550

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