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Delta Variant Slams Market Sentiment
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We’re all familiar with the phrase “the money has to go somewhere,” and this past week, safer havens in bonds and equity sectors were on the receiving end of fast changing fund flows. Treasuries, corporate bonds, preferred stocks, real estate investment trusts (REITs), utilities and consumer staples shined, while the most leveraged reflation sectors were a source of funds.
The heightened uncertainty surrounding the spread of the Delta variant of COVID-19 and a broader acceptance that the economy will cool down more than was previously forecast has changed the discourse of the market’s composition. Travel/entertainment, stocks, energy stocks and all things infrastructure-related are getting sold off aggressively.