The punch bowl is an expression referencing monetary policy.

As legendary investor Stanley Druckenmiller often says, a big part of investing involves understanding the macroeconomic environment. A big part of the macro environment is driven by monetary policy led by the Federal Reserve, which has the power to increase and decrease interest rates and influence the money supply in the economy.

When the Fed is easing monetary policy by lowering rates and increasing the money supply, that's often a signal for investors to buy stocks. When the Fed is increasing interest rates and tightening the money supply, investors should be wary, although nothing in the stock market is black and white. This is why you'll often hear strategists say, "Don't fight the Fed."

In a recent speech, Fed Chair J

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