Housing starts in America totaled 1.135 million in April. That’s higher than the analyst consensus of 1.025 million that had been projected. The question is, with the housing industry starting to pick up the pace, will the Federal Reserve be willing, or able, to raise rates without ending the party? On the one hand the Fed must raise rates someday or risk not having any ability to fight future recessions by lowering rates. On the other hand, if the Fed raises rates, housing could respond by ending the rally. The balancing act continues.