Back to the main storyline of the current market: whether Walsh will start quantitative tightening after taking office. The recent market plunge is due to panic over liquidity drying up caused by tightening. Besant couldn’t help but speak up, but he was quite tactful, fearing the market might think the Fed lacks independence. To fundamentally resolve this issue, Walsh himself needs to clarify his stance on tightening. Until then, the market will likely remain in a phase of volatility and wait-and-see. P.S. U.S. Treasury Secretary Besant stated that he does not expect the Fed to take swift action on the balance sheet issue. He believes Walsh will be highly independent.