Homes, stocks and other assets are considered Investments in the economic sphere, so they are excluded from consumer price inflation. But I think you are correct that you can directly link Fed policy to asset inflation. And while asset inflation is good for the owners, it tends to exacerbate wealth inequality. Which is also part of the reason why increasing money supply doesn’t lead to price inflation recently. If a growing and disproportionate amount of new money goes to higher income types, they don’t spend it on consumer goods, they spend it on housing or stocks, or maybe paying off consumer debt, or just parking the cash, and all those forms of saving tend to reduce velocity of money.