Recently, the market has been discussing an interesting topic—what impact would it have on asset prices if the independence of central banks were to be weakened?

There are rumors that central bank officials are clashing with the Department of Justice. While this seems like a political issue, it actually touches the most vulnerable nerves of the financial markets. Once monetary policy decisions are influenced by political forces, interest rates are no longer determined solely by inflation and employment data, and the credibility of the US dollar as the global reserve currency could also be shaken.

Here's an interesting paradox: the market isn't actually afraid of rate hikes or rate cuts. What truly keeps traders awake at night is the uncertainty over 'who is steering the ship.' When the market cannot tell whether decisions are driven by economic data or political considerations, the pricing mechanism itself begins to break down. History shows that every time central bank independence is eroded, asset volatility significantly increases, traditional asset pricing models fail, and investors start frantically searching for safe havens outside the system.

At this point, gold tends to strengthen, the narrative around Bitcoin is reignited, and risk assets are re-evaluated. Not because these assets themselves change, but because the market is voting with its actions—'I no longer trust your decisions.'

A more subtle aspect is that this shift often isn't explicitly stated in policy statements. You need to watch whether the language begins to soften, whether decision logic deviates from data, and whether Washington can continue to provide clear signals. Often, what truly changes market expectations isn't open confrontation but the moment when the central bank is forced into silence or ambiguity. Once this feeling spreads in the market, participants will act in advance, expressing their stance by buying Bitcoin or allocating to gold.