I commented on Brendon Adams's blog, that discusses on the perilous crack up boom phenomenon and prospects that this may ensue in the US.

snip:

"The dilemma for powell is helping banks enough to avoid a panic, without helping them so much that he is perceived as purely trump's bitch in which case ten years go above 5% (maybe 6%) and we begin to enter into the weimar disaster because you have to keep issuing more debt to service the existing debt and it compounds.

The dilemma for trump is similar. He needs to maintain access to credit, with buyers of bonds. Too easy on powell, economy stagnates, young men have too much time on their hands watching porn, start planning protests and setting cars on fire. But too hard on powell, ie perceived threat to nominal independence of the fed, bondholders sell 10 years and buy gold and bitcoin. No more credit. Capital controls, who knows maybe rationing, young men may also revolt in some unpredictable way that threatens Maga.

So it's like a dance / sumo wrestling match between two old guys, with obese trump circling svelter and somewhat more agile (but still old and creaky) powell, they're both kind of grabbing at each other but missing, and they circle and circle and nothing much happens."