How America’s Businesses Get Moving

With the cost of housing rising and housing construction slowing down, shelter could keep headline CPI elevated past the Fed's 2% target.

The U.S. banking system remains sound and resilient, with strong asset quality and earnings, but pockets of elevated risk pose challenges for some banks with commercial real estate remaining an area of concern, the Federal Reserve said.

Retail and food service sales for October were $718.9 billion, an increase of 0.4% in the previous month, the Commerce Department said in its advance estimate. Sales were up 2.8% from a year ago.

Industrial production decreased 0.3% in October from the previous month, the Federal Reserve reported. The October figure was also down 0.3% from a year prior.

The rate for a 30-year fixed-rate mortgage was 6.78% this week. The rate for a 15-year fixed-rate mortgage was 5.99%.

The Federal Open Market Committee can take its time lowering rates given the strength of the U.S. economy, Federal Reserve Chairman Jerome Powell said.