The market just got a reality check on cheap money. Kevin Warsh has taken over as Fed Chair, and the tone shift was immediate. Rates are holding at 3.50%–3.75%, but the FOMC is now openly signaling another hike if inflation stays sticky. And inflation is being stubborn again. Oil is climbing on Middle East tensions, commodity costs are elevated, and the dollar keeps strengthening. That’s a triple threat for risk assets. Just months ago, traders were pricing aggressive cuts through 2026. That narrative is unraveling fast. Warsh is a known inflation hawk—he prioritizes price control over market rescue. This isn’t just a policy shift. It’s a liquidity regime change. Stocks become hypersensitive to CPI. Gold whipsaws on every inflation print. Crypto and altcoins face tightening pressure as capital gets more expensive. The market no longer smells a bailout. It smells a new phase: higher rates, tighter liquidity, and expensive capital as the baseline. $BTC $ETH are now trading in a macro-driven environment, not a liquidity-driven one. Personal analysis only. NFA. DYOR. #FedHikesBackOnTheTable