U.S. Economy: A Puzzle Without a Picture

The economy today looks less like a finely tuned machine and more like a thousand-piece jigsaw scattered across the floor. In theory, the rules are simple: keep inflation anchored at 2–3% and growth should balance itself. If inflation runs hot, raise interest rates — borrowing slows, profits get squeezed, jobs are cut, unemployment rises, and prices cool. Ideally, the pieces click together into a soft landing. In practice, they don’t. Inflation, growth, labour markets, tariffs, and politics all carry jagged edges, and forcing them together leaves gaps no model can smooth over.

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