Summary
- U.S. equity markets were mixed as softer jobs data and cooler-than-expected inflation eased near-term Fed tightening fears but failed to halt another punishing move at the longer end of the curve.
- The critical BLS payrolls report showed September job growth of 29k - well short of expectations - while wage growth slowed to its weakest pace since 2021.
- Core PCE - the Fed's preferred inflation gauge - also surprised to the downside, helped in part by benchmark and methodology revisions that lowered previously reported inflation.
- REITs fell for a seventh straight week, their longest losing streak on record, while Mortgage REITs suffered their worst week in three years amid surging rate volatility.
- REITs remained active on the M&A-front this week, led by Brixmor’s $2.3B Slate Grocery deal, continued healthcare REIT expansion into senior housing, and a handful of deals across the retail, hotel, and residential sectors.
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Real Estate Weekly Outlook
U.S. equity markets were mixed this past week as softer jobs data and cooler-than-expected inflation eased near-term Fed tightening fears but failed to halt another punishing move at the long end of the Treasury
