After an incredibly warm January, February's chillier temperatures only managed to cool housing activity modestly.

It got cold in December and stayed cold. Temperatures have been relatively warm since January, with not a lot of fluctuation. We've had a negligible number of potholes to this point. But remember, we've made a lot of improvements to our roads.

The cooling U.S. housing sector should apply a dampener to consumer spending as 2005-2006 unfolds, but some of this could be offset by still-decent job growth.

Although the cooling U.S. housing sector is going be a major drag on consumer spending as 2006 unfolds, consumers are starting the year in an upbeat mood, buoyed by solid labor markets. As such, U.S. consumer spending could display more early-year resilience than is currently expected.

The importance of a warm up and cool down can't be stressed enough.

This all but seals the deal on a coming cessation in Fed tightening,