Fed Chair Warsh: Little Sign Inflation Trend Has Passed the Test

The signal here is about the burden of proof, not the level of rates: the Fed chair is explicitly withholding the verdict that inflation has been tamed, which keeps policy optionality open rather than closing the door. For crypto and RWA markets, that matters because the asset class has traded largely as a liquidity and duration bet, and a chair unwilling to certify disinflation keeps the timing of any easing uncertain. The open question is whether subsequent data give the Fed the confirmation it says it still lacks.