🔥 YOUR CAP RATE JUST MET KEVIN WARSH.
Markets spent months asking when the Fed would make money cheaper.
Friday’s answer was basically: perhaps stop underwriting that assumption.
🌏 Asia is selling off Monday morning.
🛢️ Brent is back around $90.
🏦 September Fed hike odds jumped materially.
🏠 Thirty year mortgages are back around 6.8%.
⚡ Power security is becoming national industrial policy.
🤖 AI infrastructure demand keeps getting larger.
💰 And Apollo just showed everyone what sophisticated structured capital actually looks like.
The transaction I am watching most closely is not a stock.
ONEOK is acquiring roughly $4.4 billion of…
The skinny
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