at 1.142 million although that was mildly below consensus. Permits were at 1.139 million. That is down a little from last year. A lot of the starts are multi-family homes suggesting that a lot of people are turning to rentals.

It does not appear to me that the housing starts and building permits were strong enough to tip the scales for Yellen to hike rates. It will take something more than the housing numbers to get her going. My bias remains no rate hike tomorrow.

Best wishes,

dhm