Financial conditions are loose and accommodative. In fact, the Adjusted National Financial Conditions Index (ANFCI) has been making multi-year lows and is only marginally above the lows from October 2021. Remember October 2021? The Fed funds rate was 0.08%. Today, EFFR is 3.88%. Look at the acceleration in 2022, when the market was pricing in a material rate hike cycle, and compare it vs. today. Notice anything? Yes, the Fed has hiked... but the market doesn't believe that this is a new regime of tight/aggressive monetary policy. The market still sees an accommodative monetary backdrop. That's one of the reasons why I think this market is rock-solid and why I continue to maintain a bullish outlook on the stock market (and a new bullish outlook on Bitcoin). Embrace nuance and good luck.