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Fed Chair Kevin Warsh just made it clear, the Fed is not stepping in to fight rising yields. “We’re watching yields climb and we’re staying out of it,” he said. Warsh pointed out that both nominal and real rates have tightened in a big way. His take was direct. The Fed is now watching how markets react to rates, not trying to dictate market moves with policy. That’s a major shift in posture. No backstops, no panic cuts, no yield curve control talk. They want to see price discovery play out. For traders this means discipline matters more than ever. $BTC and $ETH will feel every liquidity swing, and risk assets will have to earn their bids instead of getting them handed out. Bottom line: the Fed is on watch mode. The market sets the tone now, and the Fed reacts to that. #SKHynixRecordMiss #BigTechEarningsNight