Market Commentary | May 21, 2024

Patient Money Strong economic news from March dashed hopes of a June rate cut and in response, the MSCI REIT Index declined more than 7% in April. Moderating CPI and jobs data earlier this month caused REIT prices to rebound significantly in May, but we want to...

Market Commentary | April 22, 2024

Two Sides to the Same Story An inordinate amount of focus has been placed on which way the wind blows in relation to when the Fed will begin cutting interest rates. By December 2023, reports of moderating inflation drove yields on 10Y Treasuries down toward 3.50% and...

Market Commentary | March 20, 2024

Rotation A Bloomberg report out earlier this week describing that interest rates have recently risen to their highest level this year reminds us of two things.  First, no one has been consistently successful in forecasting the pace and direction of interest rates...

Market Commentary | February 27, 2024

What was Old is New Again No one would describe me as a rabid football fan and I’ve never gambled in a casino, but I somehow could not avoid getting swept up in all the hoopla leading up to Super Bowl LVIII in Las Vegas earlier this month. It brought to mind our only...

Market Commentary | January 24, 2024

Present and Ready Last Thursday and Friday CPI and PPI reports were encouraging in demonstrating that inflation is moderating, but the battle against inflation continues. Inflation is our perpetual enemy because it erodes consumer purchasing power. Week to week we...

Market Commentary | December 19, 2023

Inflection Point The Federal Reserve’s December 12th press conference bore a pale resemblance to a declaration of victory in its battle against inflation and marked a pivotal point in monetary policy. Quickly ensued a parade of pundits predicting when and by how much...