jd,
a good question is are inflation "expectations" beginning? I don't think so. How could it be with a monthly payroll jobs gain of only 75,000 and the futures expectations of a lessening chance of a rate hike next Fed meeting. Unless you believe in fed conspiracies to cause inflation buy stopping to hike early.<g> There's a lag time to hikes and expectations. Housing has inflated and associated costs with building them, as demonstrated by the generals on this board, but people usually buy a house once in their life, or one at a time, and once again I don't see a general run up in prices for the things I buy, and i think a large part of housing inflation was caused by tax policy change which now allows you to not pay capital gains on profits up to $500,000 for a couple if you've lived in the house for 2 out of the 5 previous years.