Powell: Absolute best thing we can do for housing is to restore price stability

Housing Market Challenges - Housing market is facing difficulties due to people being locked in their current homes because of high mortgage costs [1] - High interest rates are impacting the housing industry and its customers [2] - There is a national housing shortage [3] Monetary Policy Considerations - The primary goal is to bring inflation down sustainably to 2% and maintain it over a long period [1] - The Federal Reserve's (Fed) tool is for the entire US economy, not just housing [3] - The Fed considers the housing market when addressing interest rates [4] - The Fed focuses on the overall US economy, not any single sector [5] Future Outlook - Normalization in housing is expected as rates come down in the medium term [3]