can a insert with a returning clause be subquery ?

I am trying to accomplish this:

update p2user.party set ADDR_KEY =
(insert into p2user.address ( street_no, street_name)
values ('22', 'Geek St.')
returning addr_key )
where party_key = 22 ;

But I am getting error:
ERROR: syntax error at or near "into"
LINE 1: update p2user.party set ADDR_KEY = (insert into p2user.addre...
^(is actually under the
"into")

The insert by itself works fine and returns a valid integer.

I know I could do this easily with a stored proc,
but it seems like an obvious use of the returning clause

Am I missing some syntax error

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