The probability that the Federal Reserve will not raise interest rates in July has surged to 92.8%, but the most striking thing is that the market is completely unafraid of tariffs. Tesla and Nvidia soared, with the S&P and Nasdaq both hitting new highs. Delta Air Lines even rose by 12%. What is there to fear with such a strong bull market? The amount of liquidations reached $1 billion, and they were all short positions. Going against the trend to short, this wave directly took away a whole lot, truly turning money into lessons.