the Fed is in an impossible spot Our CSO Brian Cubellis @BackslashBTC was recently on CGTN breaking down Warsh's predicament cut rates with sticky inflation? that's a recipe for much higher inflation raise rates with $1T/year in interest expense on $40T in debt? yeah that's going to be tough to pull off, can't do it Powell's been punting for a year for this exact reason and now Warsh inherits the mess. And if he's beholden to Trump there goes the illusion of Fed independence and its credibility. Foreign central banks have already been net sellers of Treasuries and net buyers of gold for years Non-sovereign, neutral assets only continue to win from here on out. Gold has made its run and bitcoin is next.