Markets slid on inflation fears, rate-hike signals, and geopolitical tension. For traders, it was volatility. For everyone else, it was noise over a louder noise: bills.
When wages rise slower than groceries and rent, the headline is not “volatility.” It’s “shortfall.” The economy is a story told in two languages. One is indices and expectations. The other is checkout totals and eviction notices. The first gets airtime. The second fills pantries, or doesn’t.
Policy that frets over markets first will keep discovering that confidence does not trickle. Stability is built from the household up: steady wages, predictable costs, childcare that exists, healthcare that doesn’t bankrupt. Until then, rallies and dips are theater, and the audience is busy working a second shift.