The current market panic and decline are caused by multiple factors, but the main reason is still Walsh's rate cut + balance sheet reduction plan. Right now, the market is hedging against the upcoming FOMC meeting on 6/16-17. Let’s not even talk about whether the rate cut + balance sheet reduction can actually be implemented, especially the feasibility of the balance sheet reduction. But from a political perspective—Trump worked so hard to get Walsh in as chairman, do you think it was to let him wreck the place? No matter how tough reality is, Walsh at least has to cut rates once to give Trump an explanation, right? At least cut rates once before talking about reducing the balance sheet, right? If they start pulling liquidity now, then SpaceX, OpenAI, and Anthropic might as well forget about IPOs and just chill somewhere else, right?