To understand market weakness, Chris Whalen says investors need to be paying attention to the Fed’s balance sheet and U.S. Treasury moves. He notes that the Treasury has been “sucking cash” out of the market. Combining that with a shrinking Fed balance sheet has “contributed to what we’re seeing in stocks.” He touches on difficulties in private credit and thinks investors should be wary of leveraged companies. Chris also looks at mortgages and the banking sector, highlighting SoFi (SOFI) and Fiserv (FI).