The Federal Reserve officially operates under a dual mandate: maximum employment and price stability. Yet since the 2008 financial crisis, an implicit third mandate has quietly shaped policy—maintaining system liquidity and preventing financial collapse. This unspoken priority often eclipses the first two when markets face stress. Understanding this framework is crucial for anyone tracking how monetary policy influences crypto markets. The Fed's commitment to preventing systemic breakdown means emergency measures frequently take precedence over inflation control or employment targets. Recognizing this dynamic helps explain the cycles of stimulus and contraction we've witnessed across multiple market cycles.