REITs and bank stock investors should also take note with recent Fed rate decision and his tone.

Chairman Kevin Warsh struck a clearly hawkish tone after the meeting:

He repeatedly said that the inflation is "still too high" and he will not accept inflation staying above 2%

He also pushed back firmly against market hopes for rate cuts and ruled out any plan to raise or soften the inflation target

Barclays has called the current outcome a "hawkish pause" and this will likely make markets price in a higher chance of rate hikes ahead.

Hence bad for REITs and good for bank stocks.