Mester says rising long rates not a negative, but is consistent with the economic outlook
Upside risks to forecast "more salient" than they have been in quite some time
Recovery in housing and real estate prices is "sustainable" and not in "bubble territory"
- U.S building permits and housing starts rose more than expected in January
- Chicago Business Barometer rose to 67.6 in December, up from 63.9
- U.S import and export prices rose more than expected in January
- Canadian manufacturing sales declined 0.3% to $55.5 billion in December