The Fed held steady again this week, sparking debate over whether it's strategic patience or just another missed layup. Rich and Rob break it all down with their usual mix of insight and exasperation—then tag in recurring guest (and unofficial capital markets therapist) Chris Bennett of Vice Capital Markets to make sense of the economic data flood.

From GDP and jobs to PCE and Powell’s carefully curated nothingburger of a statement, Chris walks us through what actually matters—and what it all means for mortgage rates. With over $1 trillion in MBS trades under his belt and a reputation for clarity in the chaos, Chris delivers the goods with his signature blend of sharp analysis, dry wit, and just enough existential dread to keep things interesting.