June 8, 2018

“Construction in the residential market remained solid, though the shortage of labor and intense price pressures for building materials continued to act as headwinds.” The above paragraph is from the May 30 Beige Book, the Fed’s periodic wrap up of economic conditions in its 12 districts. Can you guess which of the 12 districts the Fed is describing?  Dallas, perhaps? No, the above is the Fed’s most-recent synopsis of housing markets in the Fed’s San Francisco 12th District, which is the West Coast. What is odd about the Fed’s resolute myopia is that there is a broad, bright-red common thread… Read More