Miami leads the nation with an inflation rate double the national rate.
But should the Fed continue to keep rates high—currently in the 5.25-5.5 percent range—until it achieves its 2 percent inflation target?
"My personal view would be that if the Fed sees inflation settling around 2.5% in the mid-2020s and chooses to take further action to force it down to the 1.5-2% range, that would be misguided."Rick McGahey, a senior fellow at the Schwartz Center for Economic Policy Analysis at The New School in New York City, said a long-term lack of supply, combined with high interest rates, was driving housing costs up.
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