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What Have the Inflation-Mongers Wrought?

Our still-young 21st century has already had two bubbles in United States house prices.

The Federal Reserve chairman, Jerome Powell, takes questions from reporters following a meeting of the Federal Open Market Committee at Washington, D.C., on October 29, 2025.
The Federal Reserve chairman, Jerome Powell, takes questions from reporters following a meeting of the Federal Open Market Committee at Washington, D.C., on October 29, 2025. Alex Wong/Getty Images