[Warsh's Fed confirmation](https://news.google.com/rss/articles/CBMimgFBVV95cUxONjNnYnhlWU1VZEpxR1J5c0FqR1dnby1JVU42d0c3WW03SnljV0I3a21EUkZPQ2Ezd2tENkoyMzhMUXRRclU2THcxUWprcW5td1VNUE9yeHVSZ3...) just killed the last dovish bid that was holding up private equity multiples. 30Y Treasury at 5.03% isn't a rate cut—it's a structural regime shift. PE firms marked their portfolio companies at peak-cycle multiples assuming Warsh would cut.

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