This round of sharp decline has nothing to do with liquidity, mainly due to Kevin Walsh, the newly nominated Federal Reserve chairman by Trump, whose macroeconomic stance is to cut interest rates and balance sheets. What panicked the market was that he really started to shrink the balance sheet and drain liquidity after taking office. Assets sensitive to liquidity, such as gold, silver, and cryptocurrencies, began to plummet after Walsh was officially nominated. So the main line of current market trading is Kevin Walsh. Walsh is currently in a period of silence and cannot publicly express his views on macroeconomics, nor can he come out to appease the market. So everyone can only guess, flipping through his previous speeches and articles, this panic will be unable to be eliminated for a while. The next key time point is when Walsh publicly participates in the Senate hearing, where he will answer a series of opinions on interest rates, balance sheet reduction, and so on. That's when the boots will land. Before that, the market will enter a period of volatility. The above is the objective situation, and the following is Lao Yu's judgment. Shrinking the table is easy to say, but if it's really possible to shrink the table, who wouldn't want to. Now the balance sheet of the Federal Reserve is 6.6 trillion yuan, and the US treasury bond bond is 38.6 trillion yuan. At the beginning of anti globalization, there are fewer and fewer other central banks and institutions that receive US treasury bond bonds, and they are hoarding gold instead. Who will last treasury bond bonds? If the Federal Reserve doesn't accept the offer, can it wait for the US treasury bond to default. After the Federal Reserve stopped shrinking its balance sheet in December 25, it immediately expanded its balance sheet in reverse. This was because the market experienced liquidity tension in October, which indirectly caused the 1011 crash. Without immediate easing, the entire US financial system would collapse. Therefore, Powell released the RMP on December 12. This is an inevitable part of macroeconomic logic, and whoever becomes the chairman of the Federal Reserve is the same. So you said you want to shrink your watch, may I ask how you want to shrink it. Is it a suicidal downsizing? The next expected market recovery is to wait for Walsh's specific speech at the hearing, let him speak for himself. The estimated time is around the end of February or March, but the specific time has not been determined yet. Lao Yu will keep tracking.