Kevin Warsh became a key catalyst for the recent market sell-off. This move began with a surge in odds that he might become the next Federal Reserve Chairman. This reignited concerns about his policy stance. Warsh, a former Fed Chairman (2006-2011), has long criticized monetary policy since 2008, arguing that quantitative easing inflated asset prices, exacerbated inequality, and primarily benefited financial markets—a policy he called a "reverse Robin Hood" policy. He also believes that post-2020 inflation was a policy mistake. While he supports interest rate cuts, he prefers to shrink the balance sheet rather than restart quantitative easing. The market is pricing in a dangerous combination: lowering interest rates without expanding liquidity.