FOMC Focus Remains Banking-System Solvency;
Economic Activity and Inflation Are Secondary Concerns,
Other than for Banking-System Impact

Dollar Selling and Gold Buying Suggest Markets Are Sensing Trouble

Housing Starts Hit a Post-World War II Low in 2009;
Yet, February 2017 Activity Still Has Not Recovered the
Pre-Recession Peak Level of Any Post-World War II Downturn

February Housing Starts Six-Month Moving Average Hit Its Highest Level
Since the 2009 Economic Trough, Activity Last Seen in 1995, but
It Still Is 44% (-44%) Shy of the Pre-2007 Recession Peak Level

Headline Monthly February Housing Starts and Building Permits
Held in Non-Recovering, Low-Level Stagnation, Down Respectively by
43% (-43%) and 46% (-46%) from Their Pre-Recession Highs