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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