Retail sales jumped 5.3% to start 2021, well ahead of the 1.2% expectation. The big move came as millions of consumers received $600 stimulus checks. |
Producer prices increased in January by the most since 2009 as the cost of goods and services surged. This points to a potential rise in wholesale inflation and is not good for rates. |
January Fed meeting minutes indicate officials see the economy "far from" the Fed's goals for the labor market recovery and inflation, so policy is unlikely to change soon. |
Housing starts fell more than expected in January amid soaring lumber prices and labor shortages. However, permits were up 10.4%, pointing to increases in the coming months. |
The NAHB says builder confidence has picked up after 2 months of declines despite labor and lumber challenges. Strong buyer demand helped offset these issues. |
Strong demand also means buyers are increasingly facing fierce bidding wars and home prices are surging. About 40% of potential buyers surveyed keep getting outbid. |