Alternative Investing Report - May 1, 2026

*as of 4/30; Sources: S&P, BTC, FTSE, DJRE, 30YM

March 2026 had the strongest office foot traffic of any March since the pandemic, as office visits rose 6.4% year-over-year. However, visits are still about 26.5% below 2019 levels since they plunged 80% in 2020, indicating the recovery is around 2/3rds complete. Every major U.S. market saw office visits increase over the past year, with Miami and New York closest to their pre-pandemic levels. San Francisco, largely thanks to the AI boom, is no longer the furthest behind its 2019 levels - that title now belongs to Chicago.

➨ TAKEAWAY: The increase in office visits is a result of return-to-office policies and reflects growing demand for office space. The office real estate market has been recovering since hitting its bottom and is slowly but surely getting closer to pre-pandemic levels. While the rise of hybrid and remote work make it unlikely we will ever return to a 2019 environment, it is clear that the market is improving and is on a positive trend.

📊 PCE Index released: The personal consumption expenditures (PCE) report, the Federal Reserve’s preferred measured of inflation, rose 0.7% in March and 3.5% on an annual basis. Core PCE, which strips out food and energy costs, was up 0.3% in March and 3.2% annually. With inflation remaining above the Fed’s 2% target, do not expect an interest rate cut any time soon.

📉 Pershing Square IPO flops: The public offering of Bill Ackman’s closed-end fund Pershing Square USA (NYSE: PSUS) raised $5 billion but the share price fell 18% in its first day of trading before rebounding slightly in its second day.

🪙 Clarity Act blocked: Republican senator Thom Tillis has said he will block the crypto-focused Clarity Act from coming to a vote until an ethics provision is included that would ban White House officials from creating or promoting digital assets. This rider is a particularly important roadblock as President Trump and his family have been heavily involved in coin promotion, and it seems likely they would not agree to such a clause.

🏡 Homebuying demand increases: As the mortgage rate slowly decreases, pending sales and mortgage purchase applications have increased over the past four weeks. Google searches for “homes for sale” have also hit their highest level in nine months and are up more than 30% year-over-year.

🚀 True Anomaly fundraise: The defense and space startup raised a $650 million funding round at a $2.2 billion valuation, coinciding with its inclusion in the Pentagon’s “Golden Dome” missile defense program. The price more than double its previous figure from a year ago and reflects defense tech’s growing status among investors.

💻 Astrolabe sale: The rare 17th century astrolabe that may be the largest in existence sold for $2.75 million at Sotheby’s, just below the pre-sale high estimate.

Monday: 🏡 Rental market update, 📊 Record-low consumer sentiment
Tuesday: 🤖 AI fundraises, 🪙 Bitcoin ETF inflows
Wednesday: 🏡 Housing prices, 📉 OpenAI misses revenue targets
Thursday: 📊 Fed interest rate decision, 🏡 Construction data

Have a great weekend!