Retail sales are surging, with Retail & Food (ex-Motor Vehicles) growing above 5% a year for the first time since 2012.
Light vehicles sales are back at their 2000-2006 norm of 17.5 million units a year, reflecting consumer confidence.
Housing remains soft but growth in new starts and building permits continues.
Durable goods orders are also soft but unlikely to remain so if retail sales growth continues.
Inflationary pressures are likely to rise. Which is why the Fed expects to increase the pace of interest rate hikes in 2017.