The Fed's Third Mandate
Before we get started…if you want to learn more about bitcoin – connect with the Onramp MENA team.
And now, for the weekly roundup…
Yield Curve Control Loading
The Fed's 25bps rate cut last week was the headline, but the subtext is important. Washington has pivoted from “inflation first” to “labor softness,” laying the groundwork for easier policy into year-end. Markets are now pricing at least two more cuts.
This is the objective reality of an unpayable interest bill and chronic deficits.
Add the emerging “third mandate.” With Governor Stephen Miran now confirmed, language is being floated around pursuing “moderate long-term interest rates.” In plain English, that’s yield-curve management: policies (formal or informal) that lean on the long end to keep funding costs contained.
Call it what you like; the effect is financial repression by another name. Implications include:
Lower policy rates + managed long yields = cheaper government funding, persistent inflation risk, and continued balance-sheet support.
Price signals get distorted. If the long end can’t clear freely, capital is nudged toward risk assets and away from savings in dollars.
Hard assets gain. In a regime of soft targets and engineered yields, assets outside central-bank liabilities, such as bitcoin and gold, become the ballast cash and duration no longer provide.
Portfolio takeaway: Position for a world where the Fed cuts, tolerates hotter inflation, and leans on tools that pin the curve. Own scarce, bearer-style assets; minimize reliance on instruments whose real return can be managed away.
Gold at New Highs, Bitcoin Right Behind
Meanwhile, gold continues its breakout, posting new all-time highs as central banks and sovereigns expand reserves (inventories in China spiking, as shown below). The trend confirms a simple truth: outside money is gaining share in the global system. Bitcoin, often lagging gold’s moves, is positioned as the higher-beta beneficiary of this structural shift.
Both assets have been the standout performers of 2025, and their concurrent rise is no coincidence. They are the only assets immune to the policy improvisations and political compromises defining the fiat regime.
The Bigger Picture
Taken together, these developments signal a transition underway in the monetary order:
Fiscal dominance is entrenched, with inflation targets abandoned in practice.
Neutral reserves (gold and increasingly bitcoin) are asserting themselves as safe havens in a multipolar world.
Institutions are no longer asking if they will allocate to bitcoin, but how they will custody it in ways that withstand political, technical, and counterparty risks.
Sound money is no longer a theoretical debate. It is a live market response to fiscal and monetary gravity. Bitcoin and gold are lifelines against a system that is running out of credible promises.
Chart Of The Week
"BTC/Gold ratio bottomed here the last two years. Gold led, now it’s Bitcoin’s turn. Catch-up mode into year-end."
Quote of the Week
"The established sequence:
1. Gold moves up. It outperforms BTC for weeks or months while BTC is quiet or drops.
2. Gold’s outperformance over BTC begins to slow, then reverse.
3. BTC catches up and vastly outperforms gold and other assets.
If this gold/BTC cycle plays out like previous ones, we’ve entered #2."
Podcast Of The Week
Bitcoin For Professionals: Real Estate Developer Explains The $300 Trillion Shift From Property Wealth to Bitcoin
Real estate has long been seen as the ultimate store of value, but that paradigm is shifting.
Developer and economist Leon Wankum explains why Bitcoin is “digital real estate,” poised to absorb property’s monetary premium while redefining how wealth is stored and transferred.
The future belongs to those who integrate both utility and sovereignty into their portfolios.
Subscribe to Onramp MENA’s YouTube channel to catch new episodes of the Bitcoin For Professionals podcast!
Onramp MENA is an advisory and educational platform dedicated exclusively to Bitcoin.
If Onramp MENA’s offerings align with your needs, or those of someone you know, feel free to schedule a consultation with us here.