Austan Goolsbee

So I do think part of it is we're getting worse at building.

We don't have scale.

The builders of housing tend to be small scale operations.

And we're going to channel all of our inner economists.

You want the price to go down for something, you either got to reduce the demand or increase the supply.

And we got a lot of states, a lot of cities where they're restricting the supply.

And you want housing to go down, you got to build.

You got to make more units available.

It's more complicated than that, of course, but it's not that much more complicated than that.

That is going to be a component of any housing affordability challenge.

And that is outside the purview of the Fed.

Absolutely right.

Was that the wrong call by the central bank?

I disagree with you.

I disagree with the premise a little bit.

And let me just start.

The rules of the FOMC are I am only allowed to speak for myself.

I'm not allowed to speak for anybody else.

As much as I want to evaluate their opinions, I'm going to resist.

You can go back and look at what I said about tariffs.