- Says his expectation is that inflation comes down quite a bit next year
- 50 bps hikes make sense at the upcoming meetings
- We have already seen a tightening of financial conditions larger than in 1994
'Financial conditions' is essentially a code word for the stock market. There's nothing new here so far.
More:
- We're seeing inflation in a broad set of goods
- Mon pol can reduce demand and bring it back into line with supply
- We are seeing increases in rents that we haven't seen before
- We need more housing supply to meet demand
- We have an economy that is out of balance
- The sectors that are most out-of-balance are those which are rate-sensitive
The White House is making some announcements on boosting US housing supply later today.