With US economic growth expected to accelerate to levels unseen in almost four decades, fears of inflation have once again emerged. Are prices rising across the board? What is the impact of monetary policy and interest rates and isn’t CRE supposed to be a hedge against inflation?
- The role of fiscal and monetary policy in supporting growth while guarding against overheating: how much support is too much? When do deficits matter again, if ever? Can the Fed keep rates low in the face of inflation? What if they don’t raise them fast or far enough and what are the riskiest scenarios going forward?
- When (or how much) should we worry, as CRE market participants? What does inflation and interest rate risk mean for CRE allocation in large investment portfolios? Are there sectors that might be affected differently than others?
- How do interest rates and inflation come into play in the CRE credit markets
- Will this vary by geography or property type?
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Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Victor Calanog, Ph.D. CRE® is the Head of Commercial Real Estate Economics at Moody’s Analytics. He and his team of economists and analysts are responsible for the firm’s commercial real estate market forecasting, valuation, and portfolio analytics services.
Dr. Calanog's research has received awards and fellowship support from several institutions, including the Ford Foundation, the Russell Sage Foundation and the Penn Lauder Center for International Business Research.
William Pattison is the head of the real estate research & strategy team within the risk, research & analytics group of MetLife Investment Management (MIM). He is responsible for research and strategy development in support of MIM’s real estate equity and debt platforms. In this role, he works closely with MIM's real estate regional offices and portfolio managers to craft the strategic house view, drive thought leadership initiatives, project capital market trends, and develop investment strategies that seek to maximize returns while minimizing market, rate, and liquidity risks. As a member of the Investment Committee, William is responsible for reviewing and voting on all U.S. real estate acquisitions.
Prior to joining MetLife in 2015, William worked for ten years in the real estate group at Aegon Real Assets.
William is a graduate of Iowa State University, where he earned his Bachelor of Science degree in economics.
Ranjini Venkatesan is a Vice President – Senior Credit Officer in Moody’s Ratings’ Corporate Finance Group responsible for a portfolio of real estate investment trusts (REITs) and other real estate companies across a variety of property types. Prior to her current role, Ranjini was a lead analyst in Moody’s Ratings’ Financial Institutions Group covering financial guaranty and mortgage insurance companies. Before joining Moody’s, Ranjini was a sell-side equity research analyst at ABN Amro Asia. Ranjini holds an MBA from the Indian Institute of Management, Bangalore and a master’s degree in International Affairs from Columbia University.
Mark Zandi is chief economist of Moody’s Analytics, where he directs economic research. Moody’s Analytics, a subsidiary of Moody’s Corp., is a leading provider of economic research, data and analytical tools. Dr. Zandi cofounded Economy.com, which Moody’s purchased in 2005.
Dr. Zandi is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, is the lead director of PolicyMap, a data visualization and analytics company used by policymakers and commercial businesses, and is a director of the Coleridge Initiative, a nonprofit that facilitates the exchange of data across governments.
He is a trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public. Dr. Zandi frequently testifies before Congress and conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels.
Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which assesses the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by The New York Times as the “clearest guide” to the financial crisis. Dr. Zandi is host of the Inside Economics podcast.
Dr. Zandi earned his BS from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania.