A measure of prices across 20 cities rose 4.2% YoY. New York had the highest annual gain, at 7.7%. Economists surveyed by The Wall Street Journal had estimated a monthly decrease of 3.2%. Some buyers and sellers who have been waiting for prices to drop are biting the bullet. The 6-7% interest rate shock is gone and becoming the accepted norm. (Full Story)

Economists say Trump's protectionist trade agenda, marked by a rush of tariff action announcements since taking office will boost prices of imported goods and drive inflation higher in the coming months. Jerome Powell acknowledged last week that inflation had started to rise "partly in response to tariffs," adding that "there may be a delay in further progress over the course of this year."  (Full Story)