Well, shelter inflation continues to push up, and to inflate the Core CPI measure. But, I must say, the non-shelter core is certainly rising healthily.
Core minus shelter inflation is still under 2%, year over year, and acceleration will probably level off over the next few months, since the next few months due to fall out of the year-over-year measure were generally high. That should give the Fed some cover. Let's hope they use it.
Mortgage levels keep teasing at growth, but mortgage growth remains pretty anemic. Manufactured homes have recently shown some signs of growth.
Some mixed signals here. It would be nice to see a tick up in mortgage growth and housing starts and a tick up in real GDP.
Calculated Risk noted that housing starts were high in February, but permits were more subdued, and industrial production continues to look sluggish.