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The situation has changed. Trump has decided to push for a change in the Federal Reserve Chair after Powell's term ends in May 2026. For a long time, Trump has criticized the current chair's monetary policy stance, and this time he is looking for a leader who can be aligned on economic strategy, especially interest rate policies.

Why does the global capital market care so much? Simply put, the Fed Chair controls several key variables: inflation levels, market liquidity, and global borrowing costs. Once the leadership changes, the direction of U.S. monetary policy could shift significantly, triggering a chain reaction in global asset prices.

There are a few potential successors emerging now: former White House economic advisor Kevin Hassett, former Federal Reserve Board member Kevin Warsh, among others. The official announcement of the candidate will be made in early 2026. This means that from now on, the market will continue to monitor and reprice repeatedly.

For cryptocurrencies, this uncertainty is a double-edged sword. If the new leader favors rate cuts or easing policies, risk assets may get a breather; conversely, it may require reassessing risk premiums. More importantly, the entire financial market's expectations management will enter a new phase because of this.

Who do you think is most likely to take the position? Will the high-interest-rate cycle really end? Feel free to share your thoughts.