The core approach of the new Federal Reserve Chair: rate cuts + balance sheet reduction. This is bullish for the real economy, but structurally bearish for risk assets, especially bubble assets. Over the past few decades, the market has long been accustomed to one thing: as soon as the stock market drops, the Fed will step in to rescue the market, preventing an economic collapse. Stocks and the real economy have been forcibly deeply linked, creating a financial illusion of "cannot fall, and dare not fall." But Wrash is different. He does not intend to rescue. His goal is straightforward: to burst the bubble and let companies that rely on financing to survive die. At the same time, he chooses to cut interest rates, allowing truly competitive small companies and real industries to grow again under low capital costs. This may be the main reason for the recent decline in gold and cryptocurrencies.