The housing market is, in part, frozen because of lock-in... people don't want to sell their home because they have a very low mortgage.
We’ve had, and are on track to continue to have, not enough housing. And so it's going to be challenging; it's hard to zone lots in places people want to live.
All of the aspects of housing are far more difficult, and where are we going to get the supply? This is not something the Fed can really fix.
As we normalize rates, I think you'll see the housing market normalize... The supply question will have to be dealt with by the market, and also by the government.
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