Fed Chair Jerome Powell said this week that the economy is "much improved," crediting Congress and the Fed for providing "unprecedented" support during the pandemic.

The 4th-qtr GDP reading was raised to a revised 4.3% this week, and all signs point to the economy's improvement. Economists predict we may see growth as high as 7% this year.

Jobless claims hit a one-year low last week, another sign of a rebound. However, there are still almost 19 million people receiving unemployment checks.

Existing home sales fell in February, as supply dropped by the largest amount on record. With spring weather and greater vaccine availability, more homes may be listed.

New home sales also dropped in February, as builders faced higher costs and persistent delays. With limited supply and higher mortgage rates, affordability has taken a hit.

However, it is important to recognize that February existing home sales were still 9.1% higher than a year ago and that builders expect sales to rise due to strong demand.