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If one is looking for inflation in US, one needs only to look at housing market, where prices are rising steadily.
Median sales price for both new homes and existing homes has crossed their pre-crisis peak.
- At the peak in 2007, average median sales price for an existing home was $229,000 whereas now it stands $236,400 in June.
- At the peak in 2007, average median sales price for a new home was $262,600, whereas it now stands at 282,800 as of May 2015, soften from its recent peak of 302,700.
Moreover today's jobless claims report showed return of momentum in labor market.
Headline initial jobless claims came at 255,000, down by 26,000 in last week. 4 week average claim is now hovering around 278,000.
With jobless claims touching lowest level in more than four decades and housing market gaining momentum FED is definitely closer than ever to a rate hike.
Dollar recovered from earlier losses. Dollar index which was down to 96.88 is now trading at 97.3, down just -0.3% today.
