While some policymakers urge caution due to inflation remaining above the Fed’s 2% target, markets are pricing in 50 bps of cuts by year-end.
RXR 590 Madison
New York property owner RXR completed its purchase of 590 Madison Avenue, the former IBM building, for $1.1 billion. That was the first New York office sale to exceed $1 billion in nearly three years.
Walmart ChatGPT
Walmart is forming a partnership with OpenAI to let shoppers buy its products directly within ChatGPT, the artificial-intelligence chatbot. It is a signal by the biggest U.S. retailer that online shopping is going to become a different experience from the retail websites we are used to.
NYC Office
New York City’s office market leased 23.2 million square feet in the first nine months of 2025, the largest amount in 19 years.
JPM National Security
JPMorgan Chase will invest $10 billion directly into companies vital for U.S. national security, such as defense and AI firms.
Manufacturing Capacity
The Institute of Supply Management's PMI, which measures US manufacturing capacity, was 48.7 in August. Anything below 50 indicates a contraction. That marked the sixth straight month of contraction, which is a worrisome trend given how significant manufacturing is to economic activity.
Gold
Most-actively-traded gold futures on Tuesday surpassed $4,000 a troy ounce for the first time. A 52% gain in futures this year is on track to outpace similar surges during the first year of the Covid-19 pandemic and the 2007-09 recession, trailing only the inflationary shock in 1979.
Luxury Home Prices
During the three months ended Aug. 31, the median sale price for luxury properties—defined as the top 5% of the market—increased 3.9% year over year to $1.25 million. But that is down from a 6.1% year-over-year price jump for the three months ended Aug. 31, 2024.
Fifth Third Comerica
Fifth Third said it would acquire Comerica for $10.9 billion, marking the latest effort by midsize lenders to bulk up and compete with the nation’s biggest banks. The all-stock deal would create one of the nation’s top 20 largest banks, with $288 billion in total assets.
GSA
The GSA will halt all federal property disposal during the government shutdown.