[Bloomberg ETF Analyst: U.S. Stock Market Has Become 'Too Big to Fail,' Fed May Purchase Stock ETFs to Stabilize Market in the Future] Bloomberg Senior ETF Analyst Eric Balchunas published a study stating that the U.S. stock market is gradually becoming the country's de facto 'retirement fund.' With approximately 55% of Americans owning stocks and the 'Trump Accounts' plan expected to add around 28 million new investors, the connection between the stock market and residents' wealth, pensions, and social stability is growing increasingly tight. He believes that during the next major bear market, the Federal Reserve has a significant likelihood of purchasing stock ETFs for the first time to stabilize the market, similar to its 2020 purchase of corporate bond ETFs, as well as actions taken by the central banks of Japan and China. Balchunas argues that future political pressure will make prolonged bear markets increasingly intolerable, and the continuous inflow into ETFs during market dips, along with investors' widespread expectation of government intervention, further reflects this trend.