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  • Alex Pettee, CFA

Inflation Is Worse Than It Looks

  • U.S. equity markets rallied to fresh record highs this past week as long-term interest rates retreated despite inflation data showing the highest annual rise in consumer prices in decades.

  • A seemingly insatiable bid for Treasury Bonds - a counterintuitive trend that some analysts likened to a "short squeeze" - sent the 10-Year Treasury Yield lower for the fourth-straight week.

  • Real estate equities led the way following a positive slate of REITweek updates and some major M&A news. Equity REITs rallied 2.5% on the week while Mortgage REITs gained 0.8%.

  • Incredibly, the recent surge in CPI inflation has come despite any significant positive contribution from the largest component in the consumer basket - shelter - which the BLS only surveys every six months.

  • Residential REITs confirmed that rents are soaring in early 2021 as the red-hot home ownership market has seemingly "passed the torch" to rental markets as double-digit rent growth is now commonplace across many regions.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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