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After Jackson Hole, one thing feels pretty clear to me: Warsh isn’t ready to declare victory over inflation. Inflation has come down from its peak, but it’s still running above the Fed’s 2% target, and Warsh seems more concerned about how broad those price pressures remain. That makes me think the market may have been a little too comfortable assuming the next major Fed move would automatically be toward easier policy. Personally, I think the bigger risk now is not one hot inflation print. It’s inflation staying around these levels for longer than expected. If that happens, the Fed could be forced to keep policy tight or even consider another hike while markets are still hoping for relief. That would make things interesting for stocks and crypto. Higher yields and tighter financial conditions aren’t exactly the easiest environment for risk assets, especially when valuations are already stretched. So right now, I’m watching inflation expectations and Treasury yields more closely than trying to guess the next Fed decision. #WalshInflationRisk $BTC