Bonds have been in a free-fall since Powell spoke on Wednesday, which means that interest rates are zipping higher.

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In our debt-choked world, higher interest rates don’t do anyone any good (except for banks), but one sector in particular that is harmed is real estate. In spite of all the obscene buying going on in equities the past four days, real estate isn’t included. The real estate ETF symbol IYR has broken its uptrend.

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This is no minor trendline, either. This is anchored to the Covid bottom. Simply put, real estate is in real trouble.

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