Fed Chair Warsh just testified before Congress.

The message was clear: inflation targeting remains at 2%. The Fed has the tools. Price stability is the priority.
CPI is currently at 3.5% — 150 basis points above target.
Crypto pumped +3% on the dovish tone. Then reality hit.
The US launched a new series of strikes on Iran.
Iran declared: "The ceasefire with the US is over."
Oil is already up 6%+ to $80 per barrel.
Here's the macro collision:
Warsh signals patience on rates while inflation remains elevated.
A new Middle East escalation pushes oil higher.
Higher oil = higher inflation = fewer rate cuts = tighter liquidity.
The 3% crypto pump lasted minutes.
The oil shock will last longer.
Markets were pricing a clear path toward 2% inflation and eventual cuts.
Iran just made that path significantly more complicated.
Risk assets don’t like uncertainty — especially when oil is spiking and the Fed Chair reminds you the inflation target hasn’t been hit.
Watch the next CPI print.
It just got harder to call.
$BTC $ETH