By Logan Mohtashami | Housingwire
Think of the markets as capitalist soothsayers. They do not abide by partisan politics, social mores or ethics. They do not care who is president. The markets react to what has the potential to make money for companies, good or bad, and what has the potential to prevent companies from making money. Also, whether they believe there will be economic and housing market growth.This is why even though we have suffered great drama in the past week, the markets didn’t blink. Consider:
- Hospitalizations due to COVID-19 are at seven-day average record highs;
- COVID-19 deaths are at seven-day average record highs;
- The U.S. capital was under siege while congressional members were in chambers;
- And the U.S. jobs report was negative 140,000 jobs for the first time since April.
It’s been a bumpy (horrendous) start to the year, but the markets see sunny days ahead. In the same week that we experienced a real-life horror show, the 10-year not only broke over 1% for the first time since the beginning of COVID, but also ended the week with much higher yields!
