The Feds have sold their positions, they no longer have vested interests to save the market as much. So you have to think perhaps that was what the whole "transitory" narrative was all about ..buying enough time to exit (being cynical that is)...buying enough time to get re-elected. And perhaps now buying time for the midterms with a hesitation to go harder and faster with rates and QT, but the market is now calling the Fed's bluff and seemingly losing faith in the Fed's judgment.
