Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
The Fed Funds Rate And The Hidden Cost Of Waiting
With the Federal Reserve effective rate holding steady at 3.88 percent as of November fifth, 2026, we examine why the central bank is resisting further hikes despite core PCE inflation ticking up to 130.9. Lucas and Luna unpack the mechanics of Interest on Reserve Balances, how that 3.90 percent floor impacts commercial real estate refinancing, and what a ten-year Treasury yield of 4.84 percent signals for corporate balance sheets in Q4.
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The skinny
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