Delta rising... A surge in Covid cases driven by the highly-contagious Delta variant is pouring cold water on recovery optimism. Delta now accounts for an estimated 83% of all new Covid-19 cases in the US. The CDC is calling it "a pandemic of the unvaccinated," and a few big counties, including LA, have brought back indoor mask mandates. Last Monday, the Dow stock index had its biggest one-day drop since October. Stocks have since recovered, but we could see more volatility ahead.
The "House Hype" is real... And it's not a TikTok creator mansion. The housing boom pushed the median US home price to a record high of $363K last month. Homeowners have benefited, gaining $1.5T last year as home values soared. But after more than a year of extreme home shopping, the tight housing supply is increasing, and is expected to grow through the rest of this year.