The Great Sick-Out... The fast-spreading Omicron variant has left millions of workers stuck at home, with 700K+ new cases reported in the US daily. Grocery stores are operating with half their staff and empty shelves. Starbucks, Apple, Walmart, Lululemon, Macy's, and Nike have reduced store hours or temporarily closed locations. Meanwhile, a fifth of US hospitals are severely understaffed. But Omicron appears to have peaked in the UK, and could be peaking in the US. Pfizer says its Omicron vax will be ready by March, while President Biden is preparing Americans to accept Covid as part of normal life.
“House Hunters” IRL… Home sales spiked during the pandemic as Americans took advantage of record low mortgage rates and flocked to the ’burbs. Unprecedented demand and low inventory have pushed home prices to all-time highs. This month alone, the median price of a home jumped 16% to $365K. But the Fed is expected to hike interest rates several times this year, which would lead to higher borrowing costs for home buyers. While housing price growth should start cooling, experts predict demand to stay strong.