PCE factory

Arnold Kling characterizes traditional macro has a GDP factory.   But the Fed characterizes it as a PCE factory, a group of firms that produce and consume non volatile elements of consumption goods.

But the Constitution makes the Fed a FedBudget factory, it only lends to government enterprise. The Fed is, thus,  naturally cyclic, there is an entire derivative industry between the PCE price index and the FedBudget price index.