Well the Fed has put themselves in a real bind. The "transitory" thesis seems to be heading out the window. CPI continues to rise, all the while rates remain jammed at zero and easing continues at near record levels. Meanwhile, you have coinciding bubbles in rates, stocks, real estate and some commodities. With so much debt jammed into the system, the Fed no longer has much latitude to fight inflation, at least not without risking an implosion across several asset classes at once. Then again, inflation could do the work of its own accord, as corporations begin to suffer margin compression or demand destruction if end users won't stomach rapid price increases. The Fed will come under increasing pressure regarding its market friendly policies, which have jacked up the wealth of Fed members themselves, and the wealthiest 10% of Americans, increasingly at the expense of the middle and lower middle class. Pressure to pull forward rate hikes and cause a deflationary pop is going to increase in the next several months. Given the high correlation across asset classes, including crypto to equities, I would be sweating here if I had large exposure.