The Fed plans to reduce its balance sheet more aggressively than the last time it ended a bond-buying program, according to minutes released on Wednesday.
A critical measure of U.S. inflation surged to the highest level since Ronald Reagan was president as global supply chains snarled by the pandemic fueled price increases.
With factories in several provinces in China shuttered by a growing number of Omicron infections, shortages of building materials in the U.S. could get worse.
Homebuilders are facing several challenges, including construction costs rising 20% over the past 12 months, said Robert Dietz, NAHB’s chief economist.
About a quarter of respondents cited the Russian invasion of Ukraine when asked about their economic outlook, the survey said.
The CPI data bolsters the Federal Reserve’s plan to begin raising its benchmark rate next week for the first time in three years.
Employers added 678,000 workers to their payrolls in February, smashing economists' estimates and sending the unemployment rate to a two-year low.
Housing starts plunged by 4.1% last month as Omicron worsened shortages of labor and building supplies.
Homebuilder confidence declined in February, the second consecutive monthly drop, the National Association of Home Builders said.
Consumer confidence fell in February to a one-decade low as higher rates of inflation increased grocery store bills and energy costs for Americans.
