In history, every time there’s a change in leadership—from Yellen to Powell—the U.S. stock market has still managed to dodge a round of big sell-offs. Within the first six months of the new chairman taking office, the S&P 500 averages a 16% drop. This time, new Chairman Waller is pushing for aggressive balance sheet shrinkage—pulling money out of the market. Big things are coming, guys.

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