See my comments (click on title) back in October (along with other references to rising rates/ QT in late spring/summer).   While I was certainly looking for price compression, I have to admit the carnage has been stronger than I anticipated in such a short period of time during what is historically stronger seasonality.   We are dealing with many uncertainties at this time and there is no historical precedent for QT so it's really hard to determine how its impacting the marketplace.  Clearly, the withdrawal of $50 Billion a month is a headwind which is now getting some media coverage (after very little commentary in the preceding months).  In addition, we have seen multiple rate increases which make capital more expensive which impacts buybacks, etc.  Liquidity is the lifeblood of the market and its clear that bids have been evaporating over time. Respect the trend until evidence changes.