In April 2025, a popular hedge fund strategy said the underlying trade had completely collapsed. It's a job like this: traders borrow a lot of money to buy Treasury bills and sell futures (profit from small price differences). It's safe until the market crashes. Then it turned into a time bomb. When U.S. tariffs triggered a stock market crash, bond prices and futures went in the wrong direction. Leverage explosion. Margin call hit rate. This caused trillions of dollars in liquidation panic. Stocks and bonds are sold. The system broke. This financial pressure only provides the Fed with one option: intervention. Inject liquidity. Stabilize the market.