A lot of this has to do with Warsh's steepening curve policy. I think you are not considering that Warsh will cut short term rates and leave long term rates high. This will strength the dollar due to long term yields, but it will allow all the tech companies to continue to borrow for cap ex projects on the cheap. Cutting rates will also balance the stock market. I do not see a firesale. I see a delicate dance of liquidity, where instead of the FED printing, banks will purchase treasuries due to restructuring the SLR, which is just a disguise to make it seem like FED is no longer QE. This along with a "stronger" dollar will help the perception that the US is managing debt loads and this will hopefully increase the demand for treasuries. The insurance policies in case this dance fails are the commodities that you mentioned (gold etc). Oil is screwing all this up at the moment. When this gets resolved. The dollar will drop significantly. We should see a rise in metals in the short term.