What I’m Reading
Digging Deeper: Last week’s jobs report was ugly on the surface. However, if you look deeper past the temporary losses, it was actually fairly strong given the circumstances and reveals the underlying resilience of the economy. Tim Duy’s Fed Watch
Inflection Point: With a vaccination-fueled economic turnaround expected to begin around mid-2021, commercial real estate should enter recovery too, but some sectors will look quite different. Commercial Property Executive
Bigger Issues: While vaccination is supposed to be a net positive for office REITs, their real risk is a more long lasting shift towards work from home, according to a new report from Mizuhou Securities. Globe Street
Ugh: It’s looking increasingly likely that the Tokyo Olympics will be postponed again, with virus numbers spiking and the start date rapidly approaching. Quartz
Piling Up: Online shopping has boomed in the pandemic, leading to a tidal wave of packaging material that often isn’t reusable or easily recyclable and often end up piling up in landfills. Vox
Grounded: The fate of business travel has big ramifications for the economy at large. Its decline could cost millions of jobs, shutter even more small businesses and make your next vacation more expensive. Axios
Chart of the Day
Source: JP Morgan
WTF
Ghouls: Two men were arrested after (allegedly) stealing remains of military veterans from a cemetery that they subsequently used for “religious practices” because Florida. ABC News
Mistaken Identity: A police officer who was breaking up a swinger party in Argentina was mistaken for a stripper. The Star
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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