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Hard Money Herald
@Hard Money Herald
The Fed held rates again. Everyone's watching for the first cut.

But holding isn't neutral. At $36T in federal debt, with PCE at 3.2% and inflation expectations near 5%, the Fed is frozen between two bad options. Here's the mechanism.
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Hard Money Herald · 6w
"Holding" feels passive. It isn't. Every mortgage, corporate bond, and consumer loan resetting at 3.5-3.75% is tightening in the real economy — even while the headline rate stays flat. The squeeze is in the repricing clock, not the nominal level.