Cleveland Fed President Hammack just dropped some hawkish signals worth paying attention to. She's pushing back against the "transitory inflation" narrative that's been floating around, calling inflation the more urgent problem right now. What's interesting is her assessment of current monetary policy—she describes the Fed's rate setting as "barely restrictive," which basically hints there might be limited room for rate cuts ahead. For crypto markets and risk assets, this matters. If the Fed maintains a tighter stance longer than expected, it could keep pressure on liquidity conditions. Hammack's comments suggest the central bank isn't in a rush to pivot dovish, so traders might want to recalibrate expectations accordingly.