What happens when uncertainty shakes the global economy, and investors start questioning where to put their money? In this episode, AFIRE CEO Gunnar Branson talks with Moody’s Analytics Chief Economist Mark Zandi about slowing job growth, shifting trade and immigration policies, and the market volatility that has investors eyeing gold, silver, crypto, and real estate. Zandi highlights both the risks of a potential recession and the opportunities in U.S. commercial real estate, where prices have corrected significantly. The near term may present “bouts of real anxiety,” says Zandi, but in the long term, he adds, “I’m confident that we’ll be fine.”

LINKS

Mentioned in the episode:

Trump taps ex-Fed insider Warsh to lead world's top central bank

https://www.reuters.com/world/us/trump-picks-former-fed-official-warsh-run-fed-2026-01-30/

To hear the globe’s top experts discuss opportunities in US property markets, register for future AFIRE conferences:

Summer Conference 2026 in Tokyo

https://www.afire.org/events/tokyo26/

KEY MOMENTS

00:00 Introduction

00:36 Market uncertainty and investor confusion

00:56 Mark Zandi’s background and perspective

02:19 Humility in today’s economy

03:24 De-globalization and safe-haven assets

05:45 U.S. commercial real estate as opportunity

07:21 CRE market corrections and valuations

08:59 Relative attractiveness for international investors

10:29 Single-family rental market overview

11:54 Affordability challenges and workforce housing

14:37 Local variations and political complexity

15:16 Job growth stall and recession risk

17:33 Fed rate cuts and policy pressures

20:24 Long-term rates and equilibrium forecasts

22:22 Inflation concerns and consumer impact

25:35 AI, tech investment, and data center boom

26:42 Potential bubbles and market corrections

30:06 Long-term growth perspective for real estate

31:06 Bumps ahead: cyber events and AI oversight

32:35 Optimism: U.S. economy resilience

34:06 Historical perspective and maintaining cool heads