Policy uncertainty can be a real economy killer, and right now we're seeing how government decisions ripple through markets in unpredictable ways. One year into what some are calling "Liberation Day," the stagflationary pressures from recent policy shifts are becoming harder to ignore. When you mix reduced regulatory friction with fiscal stimulus and trade uncertainty, you get a pretty volatile cocktail for asset prices. For traders watching crypto and traditional markets, this backdrop matters—stagflation typically creates winners and losers across different asset classes. The question isn't whether these effects exist, but when they'll fully price into markets. As we hit that one-year mark, the real test is whether these economic headwinds accelerate or fade.