Good Friday AM,
There is not much to share so far today.
Bonds started off in good shape and have since given back their gains. The 10-yr is at 1.56%. Late yesterday afternoon, President Biden shared plans to propose raising the capital gains tax rate for the highest earners to 39.6%, rising to 43.4% when Obamacare surtaxes are included. Biden, following through on a campaign promise to tax the wealthy more, is betting the policy will be popular enough to win passage through Congress. While stocks slumped on the Bloomberg News report yesterday, Wall Street is reacting relatively calmly to the plan, with many pointing to the likelihood of long negotiations. UBS Group AG warned of a 7% hit to stock valuations as a higher rate dulls sentiment.
Not a bad time to lock.
Redfin, a brokerage, said on Wednesday that sales of luxury homes surged almost 42% year-over-year in the first quarter, far outpacing the gains by lower-priced parts of the market, suggesting a divergence in the ongoing economic recovery and a deepening of economic inequality. Sales of luxury homes grew the fastest in Miami, Fla. (101.1%), San Jose, Calif (92.3%), Oakland, Calif. (82%), Sacramento, Calif. (79.3%) and Las Vegas (72.7%).
Please remain safe and healthy, enjoy the weekend, make today great!