The U.S. faces a well-documented affordability squeeze, but debate rages over root causes. What's less contested is the Fed's approach: maintaining a 2% annual inflation target—effectively guaranteeing that purchasing power continues eroding while asset prices rise. This creates a structural dynamic where traditional affordability metrics keep deteriorating by design. The monetary policy framework thus becomes a critical factor shaping real asset values across markets. Whether one views this as necessary price stability or systemic affordability erosion largely depends on one's perspective on long-term wealth preservation versus near-term purchasing power.