The Federal Reserve is like, Oh my gosh, when's the Fed going to pivot? When are they going to go back to doing QE and cut interest rates? They don't see the market down 20% this year. But they look at it from a function of where were we in 2019, 2020 at the peak of the market before the market downturn there? Where are we today? And we'll see we're still up like 20% from those March 2020 peaks. So for the Fed, the wealth effect is still there. And for investors, they're still even with the decline. They're still at a higher level than they were just two years ago,. The annual rates

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