The Fed Didn't Think It Was Going Where It's Going

The path to a soft landing seems narrower and narrower, almost by fed design. Tighter monetary policy works through financial conditions. They need financial conditions to get tighter. But for some reason, the market has been reluctant to take on that messaging. I really think this week is sort of the moment that everyone woke up. Anyone who still believes in the soft landing prospects, they need to be getting worried at this point.