I think this is really the answer. We've entered into a scary scenario for the US economy: it lives and dies on cheap credit supplied by the Fed. When the Fed

I think this is really the answer. We've entered into a scary scenario for the US economy: it lives and dies on cheap credit supplied by the Fed. When the Fed drops rates, people chase yield and you get stuff like NFTs and valuations that are detached from fundamentals. When interest rates go up, the market just waits for them to go down again...