When the Canadian Real Estate Association releases home sales for January today, market watchers will learn whether buyers and sellers have been cooling their heels, or if the hot pace continues. House prices are forecast to rise by 5 per cent to a record $337,500 this year. January is typically a quiet month, so a jump in prices could hint at even bigger gains in 2010.
Also today, the U.S. Federal Reserve Board release the minutes of its January meeting. The meeting was notable for the dissent of one member, Thomas Hoenig, who opposed the decision to retain a pledge to keep rates at record lows for an "extended period." Notes from the meeting will offer a glimpse of his thinking, and the sentiments of Chairman Ben Bernanke toward the recovery. Markets will be carefully looking for signs that he is wavering in his commitment to holding the line on borrowing costs.
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