AI Spending Scrutiny Tempers Tech Rally as Bonds Hold | Daily Market Brief - October 26, 2026

Monday, October 26, 2026

Research created at 1:32 PM ET · Full analysis

1. EXECUTIVE SUMMARY

• THE EQUITY RALLY HAS MODERATED SINCE LATE MORNING, BUT TECHNOLOGY STILL LEADS. At 1:32 PM ET, SPY ETF is up 0.73%, QQQ 1.27%, DIA 0.25% and IWM 0.68%. SPY, QQQ and IWM remain above their opening prices; DIA has slipped below its open, suggesting less conviction outside the growth-led advance. [1]

• AI’S FUNDING REQUIREMENTS ARE BECOMING AS IMPORTANT AS ITS REVENUE POTENTIAL. New midday coverage of Anthropic’s prospectus highlights plans to spend up to $567 billion on compute, while Microsoft is offering voluntary buyouts to roughly 60,000 eligible employees. Together, these developments sharpen the focus on capital intensity and margins ahead of technology earnings. [26][37]

• BONDS STILL PROVIDE SUPPORT, ALTHOUGH THE ENERGY-PRICE RELIEF HAS DIMINISHED. TLT ETF is up 0.45%, versus a 0.03% decline in short-duration SHY. USO remains down 1.52%, but has recovered from its session low. That combination remains constructive for equities without signaling a broad easing in policy expectations. [1]

• TODAY’S ACTIVITY READINGS FAVOR RESILIENCE OVER RECESSION. The Chicago Fed National Activity Index registered +0.07, versus −0.10 expected, while Dallas Fed manufacturing reached 13.4, versus 7 expected and 9.8 previously. Stronger activity supports earnings expectations but could complicate the case for a prolonged Fed pause. [8][9][73]

• A FED HOLD REMAINS THE CENTRAL EXPECTATION, NOT A DECLARATION THAT INFLATION IS DEFEATED. CNBC’s midday coverage puts the probability of an October hike below 10%. Meanwhile, Reuters reports record holiday delivery prices tied to diesel surcharges—a reminder that falling oil today does not immediately reverse cost pressures. [35][27]

• BRAZIL’S ELECTION SHOCK REMAINS A REGIONAL FINANCING RISK RATHER THAN A GENERALIZED U.S. EQUITY SELLOFF. Brazilian shares fell to a two-month low, and approximately $6 billion of planned equity sales face disruption. U.S. equity ETFs remain positive, but the capital-market consequences warrant attention. [33][32][1]

• THE NEXT MAJOR TEST COMBINES POLICY GUIDANCE WITH AI EXECUTION. Wednesday brings the Fed decision and Microsoft and Alphabet earnings; Thursday adds GDP, income and spending data, PCE inflation and Amazon results. [20][3][12][17]

2. MARKET SNAPSHOT

MONDAY, OCTOBER 26, 2026 — 1:32 PM ET. ETF quotes are fund prices, not underlying index, spot commodity or cryptocurrency levels. Treasury par yields are explicitly dated official closes.

• S&P 500 — SPY ETF: Latest level 765.52 · Daily move +0.73% · Market context Above the open, below the session high; advance has moderated. [1]
• NASDAQ-100 — QQQ ETF: Latest level 713.35 · Daily move +1.27% · Market context Growth-oriented equities lead. [1]
• DOW — DIA ETF: Latest level 522.68 · Daily move +0.25% · Market context Positive versus the previous close, but below its opening price. [1]

• RUSSELL 2000 — IWM ETF: Latest level 277.62 · Daily move +0.68% · Market context Small caps participate without leading. [1]
• VIX SHORT-TERM FUTURES — VIXY ETF: Latest level 17.52 · Daily move −2.23% · Market context Volatility-futures pressure eases; not the spot VIX. [1]

• 1–3-YEAR TREASURIES — SHY ETF: Latest level 81.47 · Daily move −0.03% · Market context Short-duration bonds remain slightly weaker. [1]
• 7–10-YEAR TREASURIES — IEF ETF: Latest level 91.15 · Daily move +0.11% · Market context Intermediate-duration prices are firmer. [1]
• 20+ YEAR TREASURIES — TLT ETF: Latest level 81.70 · Daily move +0.45% · Market context Long-duration bonds outperform. [1]

• U.S. DOLLAR — UUP ETF: Latest level 28.98 · Daily move +0.09% · Market context Modest daily gain, at its session low. [1]
• GOLD — GLD ETF: Latest level 368.72 · Daily move +0.58% · Market context Defensive demand coexists with rising equities. [1]
• SILVER — SLV ETF: Latest level 48.93 · Daily move +0.43% · Market context Precious metals remain positive. [1]

• WTI CRUDE — USO ETF: Latest level 166.96 · Daily move −1.52% · Market context Lower on the day, but off its low. [1]
• BRENT CRUDE — BNO ETF: Latest level 70.32 · Daily move −0.94% · Market context Confirms the oil pullback. [1]
• NATURAL GAS — UNG ETF: Latest level 9.54 · Daily move −0.41% · Market context Modest weakness. [1]

• COPPER — CPER ETF: Latest level 39.43 · Daily move +0.95% · Market context Near its session high, consistent with cyclical participation. [1]
• BITCOIN — IBIT ETF: Latest level 45.38 · Daily move −1.26% · Market context Diverges from the equity advance. [1]
• ETHER — ETHA ETF: Latest level 52.52 · Daily move −2.88% · Market context Underperforms bitcoin and equities. [1]

3. TODAY'S MAIN MARKET NARRATIVE

THE MORNING’S RECOVERY REMAINS INTACT, BUT MIDDAY TRADING IS TESTING THE QUALITY OF THE AI REBOUND. QQQ is outperforming the other major equity proxies, while SPY, QQQ and IWM remain above their opening prices. However, all four have retreated from their session highs, and DIA is below its open. The pattern suggests continued risk appetite rather than an uninterrupted acceleration in buying. [1]

The new corporate information adds a sharper distinction between AI demand and AI profitability. Anthropic’s plans for up to $567 billion of compute spending point to substantial potential demand for chips, cloud infrastructure and data centers. Microsoft’s voluntary buyout program, announced as it expands AI infrastructure spending, puts operating discipline alongside that growth story. These headlines can support infrastructure suppliers while increasing scrutiny of customers’ financing needs and returns on investment. [26][37]

The macro backdrop is also two-sided. Stronger activity readings support the earnings outlook, while rising long-duration bond prices and lower oil offer some valuation and cost relief. But short-duration Treasuries are not joining the rally, and reports of diesel-related delivery surcharges show that inflation pressure can persist downstream even as crude retreats. [73][8][9][1][27]

THE BULLISH SCENARIO is that resilient demand, lower energy prices and a Fed hold allow technology companies to demonstrate profitable growth without a renewed rise in discount rates. Confirmation would include equity ETFs reclaiming their session highs, sustained bond strength and earnings guidance showing that cloud revenue is keeping pace with infrastructure spending.

THE BEARISH SCENARIO is that AI spending proves more financing-intensive than investors expect while strong activity and persistent cost pressures keep further tightening in play. A reversal in long-duration bonds, renewed oil strength and disappointing cash-flow guidance would undermine the combination supporting equities today.

4. U.S. EQUITY MARKET OVERVIEW

The advance is broader than a single-stock rebound, but leadership remains concentrated in growth-oriented equities. QQQ’s 1.27% gain exceeds SPY’s 0.73%, IWM’s 0.68% and DIA’s 0.25%. Small-cap participation argues against describing the session as exclusively a mega-cap move, while the Dow’s retreat below its open shows uneven follow-through. [1]

The mid-morning sector reading showed 10 of 11 S&P sectors higher, with consumer discretionary, healthcare, financials and industrials among the stronger groups and communication services lagging. That earlier breadth supports the interpretation of a broad recovery, although it should not be mistaken for a fresh 1:32 PM sector count. [10]

Today’s technology strength also needs to be placed against recent weakness. CNBC reported this morning that the S&P 500 technology sector was down approximately 7% this month, while technology and AI-related companies represented roughly 45% of the S&P 500. This makes today’s rebound consequential for the index, but insufficient on its own to establish that the recent rotation away from AI has ended. [43]

The immediate reference points are ETF session ranges rather than underlying index levels. SPY is trading between 761.63 and 767.73, and QQQ between 705.58 and 715.25. Holding above their respective opens of 762.25 and 707.06 preserves the evidence of post-open buying; reclaiming the highs would signal renewed momentum. [1]

5. MAJOR COMPANY HEADLINES

Microsoft — MSFT

Microsoft announced voluntary exit offers covering roughly 60,000 eligible employees, with the program spanning certain employees in the United States, Canada, India and the United Kingdom. CNBC linked the announcement to the financial demands of the company’s expanding AI data-center footprint; Reuters also reported the buyout program around midday. Eligibility is not the same as an announced reduction of 60,000 jobs. [37][31]

Ahead of Wednesday’s earnings, the development shifts attention toward the balance between cloud growth, infrastructure commitments and operating expenses. Cost restraint could help protect margins, but the more important question is whether incremental AI revenue generates adequate returns on the capital being deployed. [37][14]

Anthropic — proposed Nasdaq ticker ANT

The new midday development is the scale of Anthropic’s infrastructure ambitions: Fortune reports plans for up to $567 billion in compute spending, including plans to establish its own data centers. The prospectus describes access to specialized compute as essential and the market for that capacity as intensely competitive. [26]

That extends the morning’s disclosure of $16.3 billion in first-half revenue and an $80.7 billion net loss, including a $72.4 billion convertible-note accounting charge. Those earlier figures remain important context, but neither the accounting loss nor the spending plan should be treated as a measure of current operating cash burn. For listed cloud and semiconductor suppliers, the opportunity is substantial demand; the corresponding risk is customer funding capacity and increasingly concentrated infrastructure commitments.

[80][26]

VERIZON — VZ

Bloomberg’s 12:32 PM ET coverage reported Verizon shares down 2.8%, despite 406,000 net monthly phone-line additions, its strongest third-quarter additions in five years. The coverage attributed investor concern to competition from SpaceX’s forthcoming Starlink Mobile service. [30]

The contrast suggests investors are looking beyond current subscriber growth toward the durability of pricing and customer retention. It also illustrates why participation in AI infrastructure does not eliminate competitive risks in a company’s core business.

VISA AND MASTERCARD — V, MA

Law firms have applied to pursue a potential £5 billion U.K. group claim against Visa and Mastercard over alleged excessive interchange fees and restrictions on competition. The application is a legal claim, not a liability determination. [46]

The issue matters for the durability of payment-network economics and regulatory exposure. With Visa scheduled to report Tuesday after the close, commentary on fees, litigation and cross-border activity could receive additional attention. [19][46]

6. BANKS, CREDIT, AND FINANCIAL CONDITIONS

The clearest financing disruption today is in Brazil, where the election surprise threatens approximately $6 billion in planned equity sales. That is a capital-raising risk, not merely a mark-to-market decline: a stalled issuance pipeline can constrain corporate funding and investment even if broader global markets remain stable. [32]

U.S. market-based conditions look more supportive at the long end, with TLT up 0.45% and IEF up 0.11%, while SHY is down 0.03%. This suggests some easing in longer-duration financing benchmarks, but not a uniform improvement across maturities. It does not establish that corporate credit spreads or bank lending conditions have eased. [1]

7. RATES, BONDS, T-BILLS, AND FED POLICY

The latest official Treasury par yields, at the close of October 23, were 4.69% for two years, 5.00% for 10 years and 5.33% for 30 years; the three-month yield was 4.22%. The 10-year/two-year spread was therefore 31 basis points, an upward-sloping curve between those maturities. These are reference closes, not today’s live yields. [2]

Today’s ETF prices indicate stronger demand for longer-duration Treasuries than for short-duration securities. That is consistent with relief in longer-term discount rates, but ETF returns alone cannot establish exact yield changes or distinguish falling inflation expectations from changes in term premium. [1]

• 3-MONTH TREASURY BILL, 11:30 AM ET: Result yield 4.05% · Previous auction yield 4.09%
• 6-MONTH TREASURY BILL, 11:30 AM ET: Result yield 4.21% · Previous auction yield 4.22%
• 2-YEAR TREASURY NOTE, 1:00 PM ET: Result yield 4.71% · Previous auction yield 4.79%

Auction yields were below their preceding results. That indicates lower funding rates relative to those auctions, but without demand measures or a pre-auction comparison, it is not sufficient to characterize today’s sales as unusually strong. [73]

WEDNESDAY’S EXPECTED HOLD SHOULD NOT BE CONFUSED WITH AN EASING CYCLE. CNBC reports that the Fed raised its target range to 3.75%–4.00% in September, while the latest October hike probability is below 10%. The key issue is whether policymakers preserve a tightening bias as energy costs and resilient activity complicate the inflation outlook. [35]

Former Fed economist Claudia Sahm argued in today’s Bloomberg interview that delaying action could require larger hikes later. That is an outside assessment, not official Fed guidance, but it captures the upside-rate risk facing a market positioned for a pause. [40]

8. ECONOMIC DATA AND MACRO INDICATORS

• CHICAGO FED NATIONAL ACTIVITY INDEX: Time ET 8:30 AM · Actual +0.07 · Consensus −0.10 · Prior −0.08
• DALLAS FED MANUFACTURING INDEX: Time ET 10:30 AM · Actual 13.4 · Consensus 7 · Prior 9.8

Sources: Chicago actual and latest prior [73], consensus [8]; Dallas actual and prior [73], consensus [9].

The Chicago reading was part of the pre-open setup and improved from a negative prior reading. Dallas, released during cash trading, exceeded expectations and its previous reading. Together, they favor economic resilience over a sharp contraction. Equities remain higher at midday, but the available trading evidence does not isolate either release as the cause of a specific intraday move. [73][1]

The week’s data test is whether that resilience comes with moderating price pressure. Tuesday brings durable goods, consumer confidence and housing data. Thursday’s GDP, income, spending, PCE and claims releases broaden the picture, followed Friday by the Employment Cost Index. The combination matters more than any single print: stronger growth can support earnings, but stronger growth alongside sticky inflation would limit the scope for a sustained Fed pause. [17][19][12]

9. COMMODITIES AND ENERGY

OIL IS LOWER, BUT THE RELIEF HAS BECOME LESS PRONOUNCED DURING THE SESSION. USO is down 1.52% at 166.96, above both its 166.16 open and 164.14 session low. BNO is down 0.94% at 70.32. This is still a favorable daily cost signal for energy consumers, but not an uninterrupted intraday decline. [1]

Reuters’ midday report on record holiday delivery prices tied to diesel surcharges highlights the lag between crude-market relief and business costs. Retailers may still face margin pressure or pass-through decisions even if oil remains below its previous close. [27]

Gold’s GLD ETF is up 0.58%, while copper’s CPER is up 0.95% and close to its 39.45 session high. Their simultaneous strength suggests a mix of defensive demand and cyclical optimism rather than a single risk signal. Bloomberg’s metals coverage also cautioned against attributing copper demand primarily to AI when Chinese property weakness remains an important counterweight. [1][42]

10. CRYPTOCURRENCY AND DIGITAL ASSETS

Bitcoin’s IBIT ETF is down 1.26%, and ether’s ETHA ETF is down 2.88%, diverging from the gains in all four major U.S. equity proxies. Both crypto funds are above their opening prices, but remain below their previous closes; that is partial intraday stabilization rather than confirmation of the equity rally. [1]

The divergence matters because it limits the case for a universal return to speculative risk-taking. Today’s stronger demand for growth equities is not translating evenly across other high-volatility assets.

11. FOREIGN EXCHANGE

The dollar’s UUP ETF is up 0.09% at 28.98, at the bottom of its 28.98–29.03 session range and below its 28.99 open. The dollar remains marginally firmer on the day, but its intraday retreat suggests it is not exerting an increasingly restrictive cross-asset impulse as the session progresses. [1]

Gold is rising despite that modest daily dollar gain, while copper is also stronger. Those combinations caution against explaining today’s commodity performance through the dollar alone. Wednesday’s Fed guidance remains the clearest scheduled U.S. policy catalyst for the currency outlook. [1][20]

12. GLOBAL MARKETS AND GEOPOLITICAL RISK

Brazil’s election outcome has progressed from an overnight shock into a disruption of local markets and financing plans. The Wall Street Journal reported that the main Brazilian stock index fell to a two-month low, while Bloomberg highlighted the risk to approximately $6 billion of prospective equity sales. For U.S. investors, the transmission channels include emerging-market funds, Brazilian ADRs, commodity producers and global banks’ capital-markets activity. [33][32]

Positive U.S. equity ETF returns suggest the shock has not become a generalized domestic equity liquidation. That does not eliminate contagion risk; a sustained interruption to issuance would be more consequential than a one-session repricing. [1][32]

Middle East risk also remains active despite lower oil. Bloomberg reports deadly Houthi attacks and growing disruption concerns in Saudi Arabia’s non-oil economy, even as its oil industry has maintained exports. The relevant risk is therefore broader than an immediate loss of crude supply: logistics, investment and regional business activity can deteriorate without a simultaneous rise in oil prices. [50]

13. MARKET CALENDAR — TODAY AND THE REST OF THE WEEK

Times are Eastern. Economic entries show actual / consensus / prior when completed and consensus / prior when upcoming.

MONDAY, OCTOBER 26

• MON., OCT. 26: Time (ET) 8:30 AM · Event Chicago Fed activity: +0.07 / −0.10 / −0.08. [8][73] · Why it matters Improved broad activity reading shaped the opening setup.
• MON., OCT. 26: Time (ET) 10:30 AM · Event Dallas Fed manufacturing: 13.4 / 7 / 9.8. [9][73] · Why it matters Stronger regional manufacturing supports the resilience narrative.

• MON., OCT. 26: Time (ET) 11:30 AM · Event 3-month bill auction: 4.05% result; 4.09% previous. [73] · Why it matters Short-term Treasury funding benchmark.
• MON., OCT. 26: Time (ET) 11:30 AM · Event 6-month bill auction: 4.21% result; 4.22% previous. [73] · Why it matters Policy-sensitive cash-market pricing.
• MON., OCT. 26: Time (ET) 1:00 PM · Event 2-year note auction: 4.71% result; 4.79% previous. [73] · Why it matters Front-end financing ahead of the Fed decision.

• MON., OCT. 26: Time (ET) After close · Event Nucor earnings; estimated EPS about $5.98, revenue about $10.94 billion. [14][15] · Why it matters Steel demand and industrial margins.
• MON., OCT. 26: Time (ET) After close · Event Public Storage earnings. [15][58] · Why it matters Storage demand, rents and financing costs.

• MON., OCT. 26: Time (ET) After close · Event Welltower earnings; estimated EPS about $0.67, revenue about $3.68 billion. [14] · Why it matters Senior-housing demand and property operating performance.

TUESDAY, OCTOBER 27

• TUE., OCT. 27: Time (ET) 8:30 AM · Event September durable goods: +1.4% / −0.1% m/m. [17] · Why it matters Business and transport demand.
• TUE., OCT. 27: Time (ET) 8:30 AM · Event Nondefense capital goods orders excluding aircraft: +0.7% / +1.6% m/m. [17] · Why it matters Underlying business investment momentum.

• TUE., OCT. 27: Time (ET) 10:00 AM · Event October consumer confidence: 80.4 / 81.9. [17] · Why it matters Household confidence amid elevated costs.
• TUE., OCT. 27: Time (ET) 10:00 AM · Event September new-home sales: 650,000 / 684,000. [17] · Why it matters Housing sensitivity to financing conditions.
• TUE., OCT. 27: Time (ET) Before open · Event Boeing, Coca-Cola and UPS earnings. [14][19] · Why it matters Industrial execution, consumer pricing and shipping demand.

• TUE., OCT. 27: Time (ET) After close · Event Visa and Robinhood earnings. [19] · Why it matters Payments volumes and retail trading activity.

WEDNESDAY, OCTOBER 28

• WED., OCT. 28: Time (ET) 2:00 PM · Event FOMC decision; hold expected. [20][35] · Why it matters Guidance on the persistence of inflation and further tightening.
• WED., OCT. 28: Time (ET) 2:30 PM · Event Fed Chair press conference. [20][25] · Why it matters Clarifies the policy reaction function.
• WED., OCT. 28: Time (ET) After close · Event Microsoft earnings. [14][19] · Why it matters Cloud growth, AI spending and margin discipline.

• WED., OCT. 28: Time (ET) 8:30 AM · Event September advance goods trade balance: −$129.0 billion / −$132.1 billion. [17] · Why it matters Trade contribution to growth.
• WED., OCT. 28: Time (ET) 1:00 PM · Event 2-year floating-rate note auction. [22] · Why it matters Demand for floating-rate Treasury exposure.

THURSDAY, OCTOBER 29

• THU., OCT. 29: Time (ET) 8:30 AM · Event September personal income: +0.3% / +0.2% m/m. [17] · Why it matters Household income support.
• THU., OCT. 29: Time (ET) 8:30 AM · Event September real personal spending: +0.1% / +0.6% m/m. [17] · Why it matters Inflation-adjusted consumption momentum.

• THU., OCT. 29: Time (ET) Before open · Event Caterpillar earnings. [23] · Why it matters Industrial investment and global equipment demand.
• THU., OCT. 29: Time (ET) After close · Event Amazon, Intel, Coinbase and Starbucks earnings. [23][19] · Why it matters Cloud returns, chips, crypto activity and consumer demand.
• THU., OCT. 29: Time (ET) 11:30 AM · Event 4-week and 8-week bill auctions. [22] · Why it matters Cash-market demand.

• THU., OCT. 29: Time (ET) 1:00 PM · Event 7-year note auction. [60] · Why it matters Intermediate-duration Treasury demand.
• THU., OCT. 29: Time (ET) 4:30 PM · Event Fed balance sheet, H.4.1. [60] · Why it matters Liquidity and balance-sheet trends.

FRIDAY, OCTOBER 30

• FRI., OCT. 30: Time (ET) Before open · Event Exxon Mobil, AbbVie and Regeneron earnings. [23] · Why it matters Energy profitability and healthcare fundamentals.
• FRI., OCT. 30: Time (ET) 4:15 PM · Event Fed H.8 commercial-bank assets and liabilities. [20] · Why it matters Banking-system lending and deposit trends.

14. WHAT INVESTORS SHOULD WATCH NEXT

• SPY AT 767.73 AND QQQ AT 715.25: reclaiming the session highs would indicate that the midday moderation is giving way to renewed buying; their opens at 762.25 and 707.06 mark the first tests of retained intraday strength. [1]
• DIA AT 522.68 VERSUS ITS 523.89 OPEN: recovering the open would improve the evidence that the rally is broadening beyond its growth-oriented leaders. [1]

• TLT AT 81.70 AND SHY AT 81.47: continued long-end strength without short-end participation would preserve today’s distinction between discount-rate relief and expectations for policy easing. [1]
• USO AT 166.96 VERSUS ITS 168.68 SESSION HIGH: a further recovery would reduce the energy-cost relief supporting equities, particularly with diesel surcharges already reaching retailers. [1][27]

• WEDNESDAY’S FED DECISION AND PRESS CONFERENCE: the important question is whether an expected hold comes with language that sustains the possibility of further tightening. [20][35]
• MICROSOFT, ALPHABET AND AMAZON EARNINGS: revenue conversion, capital spending and cash generation will test whether AI demand translates into attractive economic returns. [3][14][23][26][37]

• THURSDAY’S INFLATION AND SPENDING DATA, FOLLOWED BY FRIDAY’S LABOR-COST REPORT: resilient demand accompanied by sticky inflation would challenge the favorable interpretation of today’s activity readings. [17][19][12]
• BRAZIL’S FINANCING PIPELINE: the fate of roughly $6 billion of prospective equity sales will help distinguish a regional repricing from a more persistent funding disruption. [32]

• CRYPTO’S DIVERGENCE: IBIT’s 1.26% decline and ETHA’s 2.88% decline remain counterpoints to a broad speculative-risk revival. [1]

15. ANALYST TAKEAWAY

THE SETUP IS SELECTIVELY RISK-ON, WITH LESS MOMENTUM THAN LATE MORNING. Equities and long-duration Treasuries are higher, oil is lower, and small caps participate. But the Dow has slipped below its open, crypto remains negative, and short-duration bonds show little relief. This is a constructive combination, not an all-clear signal. [1]

The central issue is shifting from the existence of AI demand to the cost of satisfying it. Anthropic’s compute ambitions and Microsoft’s buyout program make capital efficiency, funding and margins increasingly important alongside revenue growth. The opportunity investors are assessing is whether infrastructure demand can produce durable profits across suppliers and cloud platforms rather than merely larger spending commitments. [26][37]

The most consequential risk is a mismatch between those commitments and the policy backdrop: resilient activity and persistent delivered-cost inflation could keep financing expensive just as AI investment requirements expand. Strong cash-flow guidance and a less restrictive policy outlook would reinforce today’s recovery; disappointing returns on spending or renewed inflation pressure would challenge it. [73][27][35]

Prepared for informational and educational purposes only. Not financial advice.

SOURCES

• [57] Welltower