AFCG - Debate Debacle
2024-06-30 09:00:00 ET
Summary
- U.S. equity markets were little changed this week, while long-term benchmark interest rates surged as investors assessed the political and economic fallout from a disastrous debate performance by President Biden.
- Beneath the political drama, investors parsed corporate commentary and economic data that pointed towards a further slowdown in U.S. consumer spending, while inflation data showed a continued moderation in price pressures.
- Declining for just the second week in the past ten, the S&P 500 posted fractional declines on the week, but nevertheless held on to impressive first-half total returns of over 15%.
- Real estate equities posted a relatively strong week as investors rotated into beaten-down value stocks ahead of the long-awaited Fed pivot towards rate cuts expected later this coming quarter.
- Bond market dynamics shifted rather dramatically in a "curve steepening" trade after the debate, overwhelming an encouraging PCE reporting showing the lowest annual inflation in over three years.
Real Estate Weekly Outlook
U.S. equity markets were little changed this week while long-term benchmark interest rates surged as investors assessed the potential political and economic fallout from a disastrous debate performance by President Biden, setting the stage for a potentially volatile and unpredictable second half of 2024. Beneath the political drama, investors parsed corporate commentary and economic data that pointed towards a further slowdown in U.S. consumer spending, while inflation data showed a continued moderation in price pressures....
Debate Debacle