Stocks found religion, bonds found indigestion, and housing is still asking whether spring is actually invited.
Oil blinked. Rates didn’t.
That is the setup for Thursday.
Stocks rallied on de-escalation hopes, Asia followed higher, and housing kept doing its weird little two-step: sales up, pending up, affordability better… but mortgage applications just got punched in the face by higher rates.
Today’s briefing covers:
Markets and macro
Mortgage rates and housing
CRE capital markets
Crypto and stablecoin policy
The deal flow that actually says something
My favorite takeaway: the market does not need cheap money as badly as it needs fewer geopolitical jump scares.
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The skinny
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