$1 TRILLION WIPED FROM US EQUITY TAPE POST-FOMC — WARSH HELD, DISSENTS PRICED HAWKISH. DEBASEMENT TRADE INTACT.

One session, $1T+ off the tape. Warsh’s 9-3 hold read hawkish — Hammack, Kashkari, and Logan dissented for a hike, and the market priced the dissent, not the hold. The Fundamentalist read: the hardest money’s role is the exit from a debt-financed equity tape that can’t take a Fed unwilling to cut into an elevated inflation print. Rates cannot fall while inflation stays above target; the fiscal box hasn’t opened; $39.7 trillion of federal debt keeps compounding at seven billion a day. Equity beta gets re-rated to the funding cost. The hardest money doesn’t. The cap is still twenty-one million.