Softpedia is reporting that Windows 7 build 7048 has received the RC1 tag:
Various sources, especially enthusiasts on Windows-centric forums, indicate that a select pool of Microsoft testers have received Windows 7 Build 6.1.7048.winmain_win7rc1.090211-1625. Microsoft has yet to confirm or deny that, as at just a little over one month since the public launch of Windows 7 Beta it has started compiling builds of the operating system belonging to the RC branch.
Softpedia does not list their source so I would treat this as a rumor. Other testers have already confirmed no new builds were released in the Windows 7 beta program since build 7000.
Update: Microsoft has confirmed this is a rumor. They are not yet at build 7048 internally.