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Probably the most important single graph for "Why are US housing prices so high lately?", from: files.consumerfinance.gov/f/documents/cf…

Boring but true observation: when rates go down, prices of debt-sensitive assets go up.
"What assets are debt sensitive?"

Houses are the most prominent example, but "publicly traded equities" are another really important one for many people who follow me, since they directly impact your comp package and/or your company's valuation.
As I get older, I feel like at most points in my life I have underappreciated how large the impact of prevailing interest rates were on things which I cared about and probably underinvested brain cycles in understanding the same.

Perhaps that is a life lesson for some people.
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