Predictably, Powell was not concerned about the recent surge in home prices and he said as much during the Q&A: "I would say from a financial stability standpoint, housing prices are not of a level of concern right now. That's just reflective of a lot of demand. And builders are going to bring forth supply.... Housing prices themselves are not a financial stability concern at the moment. We will watch that carefully. But in the near term, I wouldn't think that that's an issue that we'd be concerned about."

Needless to say, we disagree because one place where the trillions in newly created liquidity has ended up...