Countdown To Tariff Day

2025-03-30 09:00:00 ET

Summary

• Ahead of the April 2nd tariff unveiling, US equity markets were under renewed pressure this week on downbeat data showing a further dip in consumer confidence and hotter-than-expected PCE inflation.
• As a turbulent first quarter wraps up, the updated GDPNow - the Atlanta Fed's closely watched GDP tracking model - forecasts growth of -2.8% overall and -0.5% on a "gold-adjusted basis."
• Posting weekly declines for the seventh time in the past nine weeks, the S&P 500 finished lower by 1.5% - extending its drawdown to 9.3% from its record-highs.
• Real estate equities were among the better performers, however, on signs that an interest rate-driven rebound in REIT stock prices may revive some 'animal spirits' after a three-year lull.
• Following a long drought of REIT IPO activity, SmartStop Self Storage - which operates 218 storage facilities in the U.S. and Canada - filed IPO paperwork to list on the New York Stock Exchange.

Real Estate Weekly Outlook

US equity markets were under renewed pressure this week - while short-term Treasury yields retreated to five-month lows - as investors parsed downbeat economic data showing a further dip in consumer confidence and an uptick in PCE inflation ahead of the much-anticipated unveiling of the Trump Administration's reciprocal tariff policy in the week ahead. Worrying investors that expected a "market-friendly" pivot in trade talks by now amid a clear downshift in economic momentum, the Trump Administration has yet to seriously "blink" on its hard-line tariff negotiation, doubling-down this week via a new 25% levy on auto imports while continuing bilateral discussions through the weekend with the European Union, Canada, India, and others....

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