Spot on 👇 Sec Bessent is saying what most of Wall Street already knows but won’t admit: the era of Fed whisperers masquerading as analysts has hollowed out real market thinking. For years, asset prices weren’t driven by fundamentals, they were driven by interpretation of carefully leaked signals, trial balloons, and selective “guidance” fed to a handful of well-connected reporters. That isn’t price discovery; it’s narrative management. When journalists become conduits for policy hints instead of interrogators of policy outcomes, markets stop analyzing and start front-running. Wall St stopped doing objective research, and relied on the Fed to spoon feed them. Wall St thus, never questioned the Keynesian dogma. Wall St became a lapdog for the Fed. The result is a generation of participants trained to decode tone shifts rather than evaluate capital allocation, productivity, or inflation dynamics. If the Warsh Fed is forcing that ecosystem to operate without a script, the discomfort you’re seeing isn’t dysfunction, it’s withdrawal. Markets that can’t function without being spoon-fed aren’t efficient. They’re dependent. A new era has begun and some of the cool kids on Wall St are upset. Let them!