Nvidia Drops, Joblessness Ticks Up. Someday this inflection point will look contrarian—but not until mortgage rates fall further.
A 5.98% mortgage rate is not a celebration. It’s a stress test.
If demand doesn’t meaningfully wake up here, the market is telling us the truth: affordability isn’t just a rate problem—it’s price + inventory + taxes/insurance + income, all stacked together.
Today’s briefing covers:
Markets and macro (and why “great earnings” can still mean “bad price action”)
Asia’s mixed open and what it signals
Rates + real estate (the residential standoff and the CRE debt reality)
Two deals you should know (including a $3.4B REIT take-private)
Crypto/stablecoins as “money plumbing,” not just price charts…
The skinny
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