Wholesale inflation climbed 0.8% in February, lower than estimates but still up 10% from last year, tying January for the biggest gain ever.

February’s retail sales were lower than expected. The 0.3% gain shows consumers continued to spend but were impacted by rising prices.

As anticipated, the Fed raised policy rates 0.25% this week to help fight inflation, which has driven up mortgage rates recently.

Homebuilder sentiment is still very bullish, though it is down slightly from its recent peak due to higher mortgage rates and rising construction costs.

New housing starts rebounded sharply in February, as the drag from cold weather eased. Permits fell slightly but remain at high levels.

Purchase applications were up 1% for the week. However, rising mortgage rates have dampened refi demand, with apps down 49% from a year ago.