Today's animal spirits is brought to you by our friends at Y-charts.

Michael, last week at the Fed, press conference Jerome Powell said,

if you're a home buyer, a young person looking to buy a home,

you need a bit of a reset.

We need to get back to a place where supply and demand are back together

where inflation is down low and mortgages, mortgage rates are low again.

He needs a reset.

It's possible.

He said, we do our work in a way that we're housing market settles

in a new place and housing availability,

and credit availability at our appropriate levels.

All right, so one of my favorite tools on Y-charts,

you can break down economic data by category.

And one of them is housing,

and they have all these different housing charts that you can look at.

This one is very telling to me because it goes back to the 1960s.

U.S. housing starts.

This is basically how many new homes are started to be built in the U.S.

And you can see every time there's a cycle,

I think you call this a higher low, right?

Michael, if you're doing technical analysis on this?

No, I think you're looking at lower highs.

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