At Colliers, we understand the importance of interconnected data, macroeconomic trends, and anecdotes in real estate decisions. With that in mind, here are 10 numbers and trends that have recently caught our attention: 

• Over the past year, the Federal Reserve reported that its Treasury holdings declined from $4.3T to $4.2T, continuing the gradual runoff following the post-pandemic peak above $9T and underscoring its balance sheet normalization.  
• In addition to Treasuries, the Fed’s year-end balance sheet includes $2.05T in mortgage-backed securities and $299B in other holdings, totaling $6.55T. 
• Fed liquidity conditions tightened as net liquidity fell to roughly $5.72T, down $267B from a year ago.  
• The Federal Reserve also reported that bank reserve balances fell by $323B, from $3.28T to $2.95T, highlighting reduced accommodation and tighter reserve conditions. 
• The effective federal funds rate stands at 3.64%, with futures pricing a gradual decline toward 3.1% by late 2026, according to StreetStats.  
• The 10-year vs. 3-month spread is +48 bps, while the 10-year vs. 2-year spread is +65 bps, reflecting term premium pressures.  
• StreetStats reports year-end term premiums of 0.79% for the 10-year and 0.08% for the 1-year, signaling a steep curve driven by long-term risk pricing.
• Total U.S. bank loans reached $10.31T, including $2.7T in commercial, $5.74T in real estate, and $1.85T in consumer loans, per the St. Louis Fed.   
• The St. Louis Fed noted that consumer loans decreased by 3.43% over the past year, pointing to softer household borrowing. 
• Mortgage rates remain elevated, with the 30-year conforming at 6.15% and the 15-year fixed at 5.35%, per Freddie Mac.