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Martha and the Vandellas probably were not singing about financial markets in their 1965 hit “Nowhere to run … nowhere to hide,” but the song describes the feeling in the market for just about everyone. The possible exceptions are apartment and industrial property real estate investors.

The nagging truth overriding the market is that inflation is going to be stickier than most predicted and that is making the Federal Reserve antsy. The Fed has effectively flattened the yield curve so that the difference between short-term and long-term rates is almost nonexistent. But both are well off their historic lows.

Yields on 10-year Treasuries, which are a benchmark for long-term commercial mortgage rates, are up to their highest level in over 11 years and pushing commercial mortgage rates higher with them.