It's very simple. @SecYellen recklessly issued a massive amount of short-duration bonds recently, which worked to drain the overnight RRP account (i.e., excess QE $ from 2020-22), driving U.S. liquidity higher and thus pushing risk assets higher (as that liquidity purchased stocks indiscriminately). If incoming Tres. Sec. S. Bessent does what he says he'll do, and issues longer duration debt to satisfy coming maturities, that will work to actually drain liquidity from markets as bank reserves will be used to buy debt vs. buy stocks. This will be (very) bad for risk assets.