The Fed chairman is doing his part to maintain monetary credibility. Yet here's the uncomfortable reality: when government spending spirals out of control and fiscal policy turns reckless, a competent central bank faces mounting pressure to accommodate those demands. It's the paradox of modern monetary governance.

The tension is real. A central bank committed to price stability and sound money faces an impossible choice—hold the line and risk being politically marginalized, or bend to keep the system from breaking. History shows most capitulate, especially when markets start pricing in systemic risk.

For crypto markets watching from the sidelines, this dynamic matters enormously. When traditional central banks prioritize accommodation over independence, it signals weakness in fiat currency confidence and typically fuels interest in alternative stores of value. The current trajectory suggests we're entering exactly that territory.