Good Thursday AM on the Eve of Christmas Eve,
No real outsized Santa rally today, equity markets are up but I would call it more Elf sized than Santa sized. Bonds in a holding pattern as is the best we can hope for. Trading is paper thin, as most trading desks are empty by now. Data out today was in line. A little less spending then expected but that is what happens when the economy starts to slow (foreshadowing of how many rate hikes will we really get in 2022). As for real estate, we are still about 5mm (no joke) short of needed homes. Supply/Demand and my crystal ball, which at least for today is not broken, says home prices continue to go up.
Enjoy the day and holiday spirit.
Please remain safe and healthy.