The market's pivot narrative is dead. Fed minutes reveal a hawkish reality check: the internal debate has shifted to a potential HIKE, not the timing of cuts. Persistent inflation from geopolitical oil shocks (WTI) and tariffs is the core fear. A new wrinkle: explicit warnings on financial stability, targeting private credit stress and hedge fund leverage in Treasuries. The market is underpricing the Fed's willingness to tighten if inflation doesn't break.