Midstream and MLPs had their best day in a few months on Monday (AMZ +2.2%). They struggled to hold those gains the rest of the week, but did finish +1.8% vs. last week, in line with the utilities. Utilities followed a different path to +1.8%, selling off early in the week and rallying to close out the week. With interest rates shooting higher, price action for both midstream and utilities action went against traditional expectations, while the S&P 500 (-1%) and REITs (-3% this week) experienced a more conventional selloff.
Investors across the market appear