Trump wants rate cuts, but the Fed unanimously approved a rate hike. Only those who don’t understand the game think Kevin Warsh is opposing Trump, when in reality, they’re working in sync. The biggest issue between Warsh and Trump right now is: does the Fed’s independence still exist? If the market believes the Fed has lost its independence and is just following Trump’s orders, it would directly undermine the credibility of the US dollar. One or two rate hikes aren’t that important—what truly matters is the Fed’s credibility, which is the cornerstone of the dollar’s trust. That’s why Trump didn’t lash out this time. There might be short-term pain, but in the long run, it’s actually a good thing. You can see it reflected in the crypto markets too. The rate hike hasn’t had much impact on $BTC, so the bearish effects of this hike seem to have come to an end.