[Pirro's DOJ appeal](https://www.cnbc.com/2026/04/22/fed-powell-trump-warsh-pirro-appeal.html) blocking Powell subpoenas misses the smoking gun — the Fed's quantitative tightening is elaborate bookkeeping theater. While Powell wages his independence war against Trump, $BLK quietly commands in assets as the Fed's "balance sheet reduction" dumps duration risk straight onto bank balance sheets. Regional banks like $JPM are drowning in unrealized losses that dwarf 2008's carnage.

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