The Fed has not meaningfully tightened financial conditions at any point since covid and their soft QT has been utterly neutered by Treasury issuance policies. That's why we're in a melt up with credit spreads at all time tights. Why anyone believes the Fed has impeded risk appetite is truly baffling. The liquidity people say is coming has been telegraphed for three years and will just fill the narrow delta between IORB and NGDP. This is another one of those moments that we've had countless times in the past few years where people project a massive structural shift in monetary policy because they think the ponzi is imminently collapsing but it never quite manifests and we just eke along.(𝐓𝐗𝐌𝐂)