Fed's Barkin: Housing supply is tight and will take a while to meet strong demand

• Retailers are saying there does not seem to be much 'trade down' among consumers to cheaper goods despite price increases
• Focusing on demand and whether it will show signs of weakening as the Fed raises rates
• Focused on breadth of inflation across a number of goods as an indicator of whether conditions are improving

These are good insights from Barkin. On housing, the US has underbuilt for more than a decade and even with 5% 30-year fixed mortgage rates.