# Inside the FOMC's Quiet Housing Market Blind Spot

Page: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/inside-the-fomc-s-quiet-housing-market-blind-spot
Text version: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/inside-the-fomc-s-quiet-housing-market-blind-spot.md
Podcast: [The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy](https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696)
Published: 2026-06-19T17:45:37+00:00
Episode link: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0062.mp3
Audio file: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0062.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/inside-the-fomc-s-quiet-housing-market-blind-spot
Duration seconds: 368

## Resource

In Episode 62 of The Federal Reserve Podcast with Fexingo, Lucas and Luna dive into a largely overlooked factor shaping Fed policy: the housing market's role in the inflation fight. With shelter costs staying stubborn—CPI shelter up 0.4% in May and the core PCE at 129.6—the hosts explain why the FOMC's models may be underestimating how long rent dynamics will take to cool. They discuss the gap between market-rate rents (already easing) and CPI's 'owners' equivalent rent' measure, which lags by 12 to 18 months. The conversation connects this to the Fed's recent hold at 3.63% effective rate, and what Kevin Warsh's first meeting signals about forward guidance. If you've wondered why the Fed isn't cutting despite good CPI headlines, this episode explains the hidden stickiness. Plus: a brief note on listener support that keeps the show ad-free. Recorded June 19, 2026. #FederalReserve #FOMC #KevinWarsh #InterestRates #MonetaryPolicy #CPI #Inflation #HousingMarket #ShelterCosts #OwnersEquivalentRent #CorePCE #Fexingo #BusinessPodcast #Economics #Fed #Macroeconomics #RealEstate #InflationPersistence Keep every episode free: buymeacoffee.com/fexingo

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/inside-the-fomc-s-quiet-housing-market-blind-spot/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/inside-the-fomc-s-quiet-housing-market-blind-spot.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.