42 Macro's founder believes the Fed is using 'hawkish rhetoric' to create room for future easing. He speculates that Waller might be a 'dove in hawk's clothing,' aiming to suppress inflation expectations and long-term rates in the short term, while eventually returning to a more accommodative policy path in the long run. But the real issue lies in the clear K-shaped divergence in the U.S. economy: asset holders continue to benefit from monetary expansion, while lower-income households are burdened by high inflation, debt defaults, and loss of purchasing power. In this environment of financial repression, those who don't participate in asset markets are the ones most likely to be left behind by currency devaluation.