[Mr. Jeeves]

The inflation rate - which is a year-over-year measure of a rate of change - is going to plummet rapidly over the next few months. Permanently higher prices? Yes, but things are not going to keep going up at the same rate. Joe will be able to step forward and brag about beating the inflation he created, maybe even before the November election.

The US was drowning in an oversupply of housing on 2008 - now we are 5 million units short. Expect prices to level off and even decline some - especially at the lower end - but there is no 2008-like bubble this time in housing or any real asset. The bubbles are in paper, and paper-holders are standing on the beach trying to get a better look at the Cat 5 hurricane coming ashore.

[Alberta's Child]

The US was drowning in an oversupply of housing on 2008 - now we are 5 million units short.

Expect prices to level off and even decline some - especially at the lower end ...

These two sentences do not make sense together. If we are short 5 million housing units, then housing costs should continue to ESCALATE.