Fed cannot do shit unless the inflation mandate is in SIGNIFICANTLY WORSE shape than the labor mandate and forces them to hammer the economy with rapid hikes that overpower the stimmy effect of higher cash yields. Barring that (which is not on the visible horizon), all they can do is try to appear serious with bullshit little hikes and "we WILL deliver price stability" assertions while fiscal runs the show. As I see it you have two choices: - Watch, mouth agape, as yields continue going higher than they've been since 2007, since 2000, since 1997, etc all the while begging fruitlessly for the adults in the room to slash spending bigly against the preferences of 100 million voters. - Accept that we WILL NOT get our fiscal house in order in an age of populism and a broken social contract, buy gold and BTC, and strap the fuck in because its a bond bear market, baby, and it's just getting started.

It's funny how any time a Fed member talks about housing affordability, they almost never mention the impact the Fed buying $1.3T of MBS during covid might have played on subduing borrowing costs and thus trickling through to higher baseline home prices.