Tariff Turbulence

2025-03-09 09:00:00 ET

Summary

• US equity markets tumbled this week - suffering its worst week in six months - as disappointing employment reports and fast-shifting tariff policy failed to improve skittish investor sentiment.
• Reminiscent of Fed Chair Powell's infamous August 2022 "some pain ahead" speech, the Trump Administration warned of a "little disturbance" and a necessary "detox period" for the U.S. economy.
• Softer-than-expected employment data this week fueled doubts that sweeping overhauls to trade policy and fiscal spending can be accomplished without risking a recession.
• Real estate equities outperforming the major benchmarks for the sixth time in the past eight weeks, however, as investors rotated into more "tariff immune" and counter-cyclical segments.
• An otherwise very strong REIT earnings season wrapped up this week with mixed reports. While American Tower and Chatham Lodging each announced dividend hikes, Orion Office and multifamily lender Ready Capital plunged after cutting their dividend alongside weak reports.

Real Estate Weekly Outlook

US equity markets tumbled this week - suffering its worst week in six months - as disappointing employment reports and mixed inflation data failed to improve investor sentiment, which remains shaken by uncertain tariff policy. Reminiscent of Fed Chair Powell's infamous August 2022 "some pain ahead" speech, the Trump Administration warned of a "little disturbance" and a necessary "detox period" for the U.S. economy as its economic agenda takes shape, but doubts have emerged that sweeping overhauls to trade policy and fiscal spending can be accomplished without risking a recession....

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