The State of REITs: January 2025 Edition
REIT Performance
December was a brutal final month of 2024 for REITs with a -6.85% average total return. REITs underperformed the broader market in the final month of the year as the Dow Jones Industrial Average (-5.1%) and S&P 500 (-2.4%) saw smaller declines while the NASDAQ (+0.6%) eked out a gain.
Market Commentary | January 20, 2025
The Bond Market Conundrum
A funny thing happened during our long wait for lower interest rates. On September 18th, Jerome Powell finally began reducing short-term borrowing costs with a 50-basis point cut to the Fed Funds rate. At the time, 10y US Treasuries were yielding 3.70%.