• U.S. equity markets added to their "reopening rally" this week as states and countries around the world continue to lift lockdowns while new cases of coronavirus continue to decline.
• The S&P 500 ended May with gains of roughly 4% following a robust rally in April, driven by signs of an economic rebound, particularly in the all-important U.S. housing markets.
• REITs and Homebuilders have been among the biggest beneficiaries of the successful economic reopenings. Equity REITs added another 5.2% to last week's 7.0% rally while Homebuilders jumped another 4.5%.
• Housing data this week continued to form the early contours to a "V-Shaped" recovery. New home sales smashed expectations while home purchase mortgage applications have surged back above pre-pandemic levels.
• Don't fight the Fed, or the Federal government. Personal Income growth surged in April as WWII-levels of fiscal stimulus and unprecedented levels of monetary support temporarily offset a sharp decline in economic activity.

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