Good Tuesday AM,
Rates have fallen victim to monster bounce back in the stock market, but on very muted volume. The days prior to Monday witnessed a very large equity market pullback. When market corrections are that severe, investors run for cover. Traders call this a flight to safety, when investors move from risk-on assets like stocks, to risk-off assets like bonds. Well, we are back to an all-out risk-on attitude and investors are now dumping their bonds and buying stocks. It is a good idea to lock now. CPI is later this week and will create more volatility.
Real Estate continues to be the biggest driver of wealth. In the span of just three years, the median net worth of U.S. households rose nearly $25,000, according to Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA)., “The Distribution of Wealth in America Since 2016,” found that U.S. households experienced a 17.6% gain in net worth from 2016-2019, rising from an average of $103,000 to $127,000. This gain represents the highest total since 2007.
And last, traffic congestion around the U.S. is creeping back up, but remains lighter than before the pandemic, according to a new analysis, a result of many workers not yet returning to the office full time despite many officials’ efforts to get people back into core business districts. On average, U.S. commuters are on pace to lose 36 hours to congestion in 2021, 10 hours more than in 2020 but 63 hours less than in 2019, transportation analytics firm Inrix said in its 2021 Global Traffic Scorecard. Commuting is still less time consuming in all but one of the 25 most-congested cities, compared with 2019. Drivers in Las Vegas, site of a major interstate repair projects, have lost more time to backups this year, Scott Calvert reports.
Please remain safe and healthy, make today great.