The good news, REITs as a category have been doing well of late. According to BTIG Research, as of last Friday, they were up 4.2%. That compares with 3.6% for the S&P 500 and 4.0% for the Russell 2000 stock indexes.

But then there was this statement: "With significant inflation measures on tap for this week's economic calendar (CPI prints on Tuesday, and PPI prints on Wednesday), rates are likely to be in focus again for REIT."

And the CPI prints—more commonly called inflation numbers—that came out on Tuesday were brutal to expectations. Even with oil down, most everything else was up. Core inflation, without food or energy, hit 6.3%, growing double the rate economists had expected. Basics hammered consumers. Food was up 0.8% month over month. Shelter grew at 0.7% month-over-month. Transportation was up 0.5% from July to August.

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