DBRG - Peak Hawkishness

• U.S. equity markets declined for a third-straight week while the bond rout deepened as a solid start to the corporate earnings season did little to ease concerns over an increasingly hawkish Fed.
• Declining for the third-straight week, the S&P 500 fell 2.7% and dipped back into "correction" territory, while the tech-heavy Nasdaq 100 dipped nearly 4% to the cusp of "bear-market" territory.
• Real estate equities were among the few sources of strength this week following a strong start to REIT earnings season and major M&A developments. The Equity REIT Index advanced 0.9%.
• American Campus - the last remaining student housing REIT after EDR and Campus Crest were previously taken private - surged nearly 12% after agreeing to be acquired by Blackstone at a 14% premium.
• A trio of industrial REITs reported stellar results, each raising their full-year outlook across the board as logistic rents continue to soar as businesses scramble to build out supply chain resilience.

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