Someone just called the Fed a welfare program for PhD economists. Harsh but interesting take.

Their track record speaks volumes—consistently off the mark on inflation calls, rate predictions, you name it. The accuracy rate is honestly embarrassing for an institution with that much influence.

Here's the kicker: imagine if air traffic controllers had the same success rate. Planes would be grounded indefinitely. Yet the Fed keeps operating with zero accountability for being perpetually wrong.

Makes you wonder what exactly they're optimizing for—because it sure isn't predictive accuracy.