Surveillance: Yellen on China & Recession Risk
Bloomberg Surveillance
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The Importance of Reform in the Commercial Real Estate Market
The American banking industry is really resilient and these were idiosyncratic risks. But at the same time, we need the right reform. We have a commercial real estate research group and higher rates are going to hurt commercial real estate values everywhere in the country. Big news out of Friday, Wells Fargo took their reserve for those type of properties to 9%. That's a big number for a bank after you think about all the equity that's already in those projects.
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