KBWY - Full Inversion

• U.S. equity markets advanced for the third-straight week as solid employment data relieved some immediate recession concerns, but kept the pressure on the Federal Reserve to maintain its hawkish pivot.
• Gaining for the third-straight week- but still positing its worst quarterly performance since April 2020- the S&P 500 edged higher by 0.1% on the week, but performance was "top-heavy" once again.
• Buoyed by moderating rates at the long end of the curve, real estate equities posted their best week since March 2021. Equity REITs rallied 4.0% with 17-of-19 property sectors advancing.
• Calling to mind the famous "Because I Was Inverted" scene from Top Gun, all were on the yield curve following a rare inversion of the 10-2 Treasury yield spread - a dynamic that has historically occurred in the final stages of an economic and Fed rate hike cycle.
• After cooling off slightly at the end of last year, home values continued rising at robust rates in early 2022 as the effects of tight supply and strong demand - and the "staggering" surge in rental rates - are counteracting the headwinds from rising mortgage rates.

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