U.S Treasury bonds, and specifically the 10-year, is an important metric in the Real Estate industry, where both cost of capital and returns are often measured against the 10-year. Since the U.S tends to remain one of the strongest places to park scared money, domestic bond yields often are driven lower as investors pile into treasury bonds and drive up the price. Early yesterday, it seemed as though the U.K would remain in the European Union. As such, markets seemed to price that in and U.S bonds lost favor. Last night we found out that actually, the votes landed in favor of exit and equity markets got hammered at the open. Simultaneously, Treasury yields were driven to 4-year lows. This is fascinating. Whenever we think interest rates will rise based on domestic economic data improving, with some recent exceptions, something external happens and shakes the system again. The result will likely be continued muted expectations on what yields are achievable in the debt and real estate markets.