There is one issue that is not considered correctly. At this stage, with the large-scale reflux of the yen and the strengthening of the exchange rate, the Fed will not cut interest rates anyway, or it can be said that not cutting interest rates is the best option. Otherwise, the narrowing of the interest rate gap from expectation to reality will only make the market worse and form a negative feedback. The problem can only be solved after the large-scale reflux ends and the exchange rate is relatively stable before providing liquidity. Before that, risky assets can only endure the decline, which is also a good thing for the Fed. The huge amount of liquidity corresponds to a golden pit. It is a genius design.