Come 2026, the Federal Reserve faces a pivotal moment. Trump's pick for the next Fed chair will reveal whether American central banks can truly operate independent from political pressure. It's a question that extends far beyond the US: central banks worldwide are increasingly caught between maintaining their mandate and facing mounting political interference. How the world's richest economies handle this tension matters for markets everywhere. When policymakers blur the lines between monetary policy and politics, it sends ripples through everything from traditional finance to digital assets. The stakes? Nothing less than credibility and the stability that global markets depend on.