• U.S. equity markets climbed to nine-month highs this week as investors weighed signs of progress on debt-ceiling negotiations and solid economic data against a continued drumbeat of hawkish Fed commentary.

• Snapping a two-week losing streak and climbing to its highest levels since August, the S&P 500 advanced 1.7% while the tech-heavy Nasdaq 100 rallied 3.5% to fresh 52-week highs.

• Real estate equities were laggards this week, pressured by a rebound in benchmark interest rates. The Equity REIT Index dipped 2.0% but Office and Mortgage REITs were among the leaders.

• Homebuilders and the broader Housing Index continued their strong start to 2023 on data indicating that the housing industry is beginning to emerge from its nearly two-year-long recession.

• A flurry of M&A and dealmaking was the theme this week in the REIT space amid a historically slow year of commercial real estate transaction activity. Regency Centers announced a $1.4B deal to acquire Urstadt Biddle Properties. Both Casino REITs also announced major deals.

U.S. equity markets climbed to nine-month highs this week as investors weighed signs of progress on debt-ceiling negotiations and solid economic data against a continued drumbeat of hawkish central bank commentary. The rebound came despite a surge in benchmark interest rates, which rose to their highest level since March as Fed officials across a dozen public appearances pushed back on calls for a pivot towards less-aggressive monetary tightening.