NAPLES, Fla. - Though the majority of CMBS players at the conference were bullish on real estate fundamentals for the coming year, the macroeconomic view - which many consider to be even more important - is a rather mixed bag of information.

In a combination of fairy tale references, Mitchell J. Held, managing director and economist at Salomon Smith Barney and Citibank, said, "We are not in a Goldilocks economy," and, "The bear is Alan Greenspan and he slays the wolf," which is presumably inflation. According to Held, the Fed may raise rates by as much as 50 basis points in February with more to come. Additionally, there will be more spending increases and tax cuts.

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