• Alex Pettee, CFA

Walking An Inflation Tightrope

  • U.S. equity markets rebounded following the worst week since February on promises of bipartisan progress on a significantly slimmed-down infrastructure package, reflecting concern that additional stimulus could further inflame inflation.

  • Delivering its best week since February and closing at fresh record-highs, the S&P 500 gained 2.8% this week while Mid-Caps jumped 4.5% and Small-Caps rallied 4.1%. Bitcoin dipped another 10%.

  • Further evidence of accelerating rent growth across the country powered another strong week for residential REITs, lifting the Equity REIT Index higher by 1.8% with 17-of-19 property sectors in positive territory.

  • The political tightrope on advancing additional fiscal stimulus got ever-thinner after the Core PCE Index - the Federal Reserve's "preferred" gauge of inflation - recorded its highest annual increase 1991.

  • The wave of REIT dividend boosts continued this week with mall REIT Simon Property and shopping center REIT Saul Centers joining 65 other REITs that have raised payouts this year.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. 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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