The US economy is no longer a manufacturing engine. It is a financialized asset bubble.

The stock market is the economy. If equities crash, tax receipts plummet, and the system halts.

Now add the AI layer. This entire tech revolution is built on the assumption of cheap capital.

High rates don’t just cool the market, they kill the only growth engine we have left.

The Fed knows this. They don't answer to the CPI print anymore; they answer to the solvency of the Nasdaq.

They will print until the math works. Don't fight the mandate.