Last Week in REITs: Warsh Strikes a Hawkish Tone in First Meeting

Research evidence excerpt

Last Week in REITs: Warsh Strikes a Hawkish Tone in First Meeting

USA | REITs EquityJuneResearch21, 2026

Last Week in REITs: Warsh Strikes a Hawkish Weekly REIT Roundup Webinar on

Mondays at 9 am ET: Register here.Tone in First Meeting

The RMZ (-2.9%) underperformed the S&P 500 (+0.9%), as the 10-year tsy Exhibit 1 - Upcoming Jefferies/Industry Events

decreased -2 bps to 4.46%. Data Center REITs (+3.6%) outperformed, while Jefferies Events Shaded

Hut 8 NDR Mon

New York Jun 22

Marketing WedTowers (-8.2%) underperformed. AnalystLondon Jun 24

Realty Income NDR Thur-Tue

June 25 (London Property Tour), 26 (London), 29 (Amsterdam), 30 (Switzerland) Jun 25-30

Analyst Marketing Wed

Warsh Era Begins as Iran Conflict De-Escalates: The Fed held rates steady this week but struck ParisAnalyst Marketing JulyThurs1

Frankfurt July 2

Self-Storage Association Fall Conference Tue-Fria more hawkish tone under new Chair Kevin Warsh, removing its prior easing bias and signaling . Las Vegas Sep 8-11

a higher-for-longer backdrop as inflation remains elevated. Warsh also deemphasized forward

guidance and reinforced a focus on price stability, pointing to less urgency to cut rates and a

more reactive, data-dependent policy framework. At the same time, while the Iran conflict has

begun to de-escalate, it remains unresolved—though the easing in tensions should act as a near-

term tailwind to inflation, particularly via softer oil and energy prices. From a market perspective,

the recent backdrop has been defined by a risk-off trade, with geopolitical uncertainty and rate

volatility supporting flows into defensive, yield-oriented sectors like REITs; however, as tensions

ease incrementally and inflation pressures begin to moderate, investors are likely to rotate toward a