Consumer price index numbers show inflation down from 3.5% to 3.4% year-over-year in April, with monthly inflation numbers falling from 0.4% to 0.3%. It may be a bumpy road to the Federal Reserve's inflation target, but given the moderation in the job market along with these latest numbers from the CPI, speculation that the Fed will lower interest rates in September may have some validity, but in the meantime, elevated interest rates will put pressure on multifamily borrowers as the issue of loan maturities persists as a background factor that continues to shape the motivations of apartment buyers and sellers.