This week brought some notable shifts in the macro landscape. Lawmakers and former Federal Reserve officials have stepped up to defend Fed Chair Jay Powell amid ongoing pressure—a sign of institutional stability in monetary policy. Meanwhile, President Trump's administration imposed a 25% tariff on any nation conducting business with Iran, a significant move with ripple effects across global trade and investment flows.

These developments matter for markets. When policy leadership stays steady, it reduces uncertainty. But trade tensions and tariff escalations typically drive risk-on/risk-off cycles. Both factors influence how capital flows into and out of risk assets, including crypto markets. The interplay between Fed policy continuity and trade friction will likely shape sentiment in coming weeks.