White House Adviser Hassett: We Will Respect Fed and Fed Chair Warsh’s Judgment

The signal here is less about the Fed's independence in the abstract than about the administration choosing to say so out loud — a rhetorical commitment that markets can later test against actual behavior. For rate-sensitive assets, including crypto and tokenized RWAs, the operative question is whether this deference holds when policy direction becomes inconvenient. The open question is whether verbal respect for the chair's judgment survives contact with the administration's own economic priorities, and whether markets begin pricing that gap.