CPI

• Headline CPI +0.4% and core +0.034%
• OER -0.1% and volatile items largely offsetting (lodging away from home -1.5% vs tobacco +1% and vehicles +0.8% (after +1.7% prior month))
• Favorable base effects for core coming in H1 2010 should see y/y drift to 1% from current 1.7%

Housing

• Starts up 8.9%; largely payback from weak October and driven by multi-family
• Single family up 2.1% (-7.1% prior) and multi-family up 67.3% (after down cumulative 51% prior 2mths)
• Permits +6% (versus prior -4.2%)
• Net/Net housing component of GDP likely to remain flat/slightly positive for next 2-3 quarters