News Briefs

The Wall Street Journal reports that home construction per household remains near its lowest level in sixty years, exacerbating current affordability issues. Home builders say that demand is as strong as it has ever been, but land and construction costs have roughly doubled from a decade ago, which have pushed builders into the upper end of the housing market where profit margins are wider. WSJ

Sam Fleming of the Financial Times writes that analysts expect the Federal Reserve to raise interest rates after their meeting this week despite early-year softness in consumer spending. This week’s meeting will be the first with Jerome Powell as Fed chairman, and although inflation remains below the Fed’s target there are signs that the economy could soon overheat. FT