my. Asked about the ongoing devastation in the housing market in general, and rent inflation in particular, Powell's response was the following:

*POWELL: POINT AT WHICH RENT INFLATION SLOWS IS STILL FAR AWAY

*POWELL: AT SOME POINT YOU'LL SEE RENTS COMING DOW

Here, Powell is doing two things; i) he is referring to the latest shelter/OER (owner equivalent rent) inflation data as reported by the CPI and which is indeed soaring...

... and ii) is dead wrong by making the exact same mistake that so many economists made last year when they did not realize just how high rent inflation will soar as it tracks real-time rental metrics, something we first explained last summer in ""What Rental Hyperinflation Looks Like: "Soaring Prices. Competition. Desperation", when we showed - without a shadow of a doubt - why inflation was not transitory (we now know that was the correct interpretation).