• U.S. equity markets continued their relentless rally this week amid a bullish convergence of positive economic and housing data, encouraging coronavirus trends and a dovish tack from the Federal Reserve.
• Lower forever? A strategy shift that we view as fundamentally positive for the interest-rate-sensitive real estate sector, the Fed is abandoning the approach of utilizing "preemptive strikes" on inflation.
• Gaining for the eighth week out of the past nine and closing at all-time record highs on all five trading days this week, the S&P 500 jumped another 3.3% this week.
• "Shutdown-sensitive" sectors rebounded following the emergency-use approval of the potentially "game-changing" five-minute coronavirus test. Equity REITs gained 2.2% with 17 of 18 property sectors finishing in the green.
• Housing data stayed red-hot as well. New Home Sales surged to the strongest sales rate since 2007 while Pending Home Sales and Mortgage Applications data suggested that housing will continue to lead the post-pandemic recovery.

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