The pain from the Fed's rate hikes is surprisingly elusive

Higher interest rates were supposed to bring a lot of pain for Americans. So far that hasn't happened.

Why it matters: The Federal Reserve left interest rates unchanged Wednesday, keeping rates higher than originally anticipated, but in his afternoon news conference Fed chair Jay Powell made it clear he's ready to pivot in the event the pain makes an appearance.

The intrigue: When the Fed started hiking rates in 2022, some progressives feared that higher interest rates would eventually drive up unemployment, causing a lot of pain.

That hasn't happened...