> Here's what Powell had to say: "We saw [home] prices moving up very very strongly for the last couple of years. So that changes now. And rates have moved up.

> Here's what Powell had to say: "We saw [home] prices moving up very very strongly for the last couple of years. So that changes now. And rates have moved up. We are well aware that mortgage rates have moved up a lot. And you are seeing a changing housing market. We are watching it to see what will happen. How much will it really affect residential investment? Not really sure. How much will it affect housing prices? Not really sure. Obviously, we are watching that quite carefully…It’s a very tight market. So prices might keep going up for a while, even in a world where rates are up. So it’s a complicated situation and we watch it very carefully. I'd say if you are a homebuyer, somebody or a young person looking to buy a home, you need a bit of a reset. We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again." That word "reset" is ominous and should be taken very seriously. People think that we're due for a correction in house prices so that first time buyers can get a chance to enter. That's not how housing bubbles end. They end with lower house prices, but such a crippled economy that few can or want to buy them out of fear of future declines/job losses, and severely restricted lending standards. The idea that the Fed controls any of this is ridiculous. The arrogance of this institution is astounding. It's not a central bank. It doesn't control money, but rather a utility token called "bank reserves." It doesn't open and close valves on the monetary steam engine. It doesn't even know where those valves are located or their operating range because for decades the eurodollar system has allowed financial institutions to route around the Fed.