The core reason for the sharp decline of the stock market and currency market in 21 years is the rapid tightening of liquidity. More specifically, in December 21, the US debt ceiling was again raised, and then Tga rapidly expanded to extract liquidity from the market. At the same time, the reverse repo began to increase in February 2021, while the total federal assets did not peak and begin to decline until May 2022. So the decisive factor at that time was TGA But even so, why did the market peak and bear a month before the liquidity shift (November 2021)? We need to pay attention to the news in November, when several factors were combined. One was the discovery of a new strain in South Africa, and JP stated that they would start reducing QE (which is often a precursor to stopping QE).