As is usual with these "devaluations," it is a mixed bag. I usually check a few Hawaii and Florida redemptions (because I assume those are always heavily redeemed by Americans with a ton of points) as a proxy, and I am not seeing dramatic increase in average, maybe 5K or 10K points on 100K+ redemptions. It does seem like some of the more outlier value redemptions have gone up more.

What does seem to be happening, IMO, is that redemption values on average have gone up more than room rates in the past year or so. A lot of this is catch up, as room rates skyrocketed from 2021-2023 and sometimes points values didn't.