Guest Post by David Stockman
The recent news that US home prices in December were up by 6.1% on a Y/Y basis is just one more reminder of why the Fed’s pro-inflation policies are so insidious. In essence, they set up a running battle between asset prices and wages, and the former wins hands down.
For avoidance of doubt, here is the long view on the matter:
Index of Median Home Price Versus Average Hourly Wage, 1970 to 2023
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