At least in the lumber business, prices have been sky high the past couple years and production has literally never been higher. All of us are producing full th

At least in the lumber business, prices have been sky high the past couple years and production has literally never been higher. All of us are producing full throttle and have been ever since about May 2020 after a couple month dip. At least in the context of lumber, this idea that pricing is all driven by supply constraints is just wrong. It’s driven by truly and objectively unprecedented take-away/demand. Those prices are presently falling as Powell closes the easy money tap.