The energy sector started off 2020 with a volatile January. Crude prices fell 15.6%, their worst month since May 2019. The Wuhan coronavirus roiled commodity markets in January. Impacts on demand have already been significant.

January was a mixed month for leveraged credit. HY Bonds ended January flat while Senior Secured Loans returned 0.56%. The duration-sensitive Barclays Agg rallied as rates fell over 40 bps over the course of the month.

Real estate lending remains conservative and the CMBS delinquency rate recently hit a post-crisis low.

What’s behind the jump in sentiment on real estate market conditions? Our chart explains the growing optimism and what it means for investors looking for income.

Chief U.S. Economist Lara Rhame explains the possible economic and market impact of the epidemic.