Good call, especially as there are still many investors who seem to want the market to rise, who see a Fed pivot, or any number of other reasons for a turn-around. Surprising rise of "FRED: WLFN - Federal Reserve Liabilities" from 28Sep2022 to 05Oct2022, but general downtrend in Fed total assets. They will never deleverage even 1/4 of their balance sheet (since 2007) at this rate. The interest rates are possibly less important, and perhaps CPI inflation targets are not so important in relation to [Fed, Treasury] hyperinflation of financial assets, which might leak to CPI?