February 2 News, U.S. President Trump nominated Kevin Warsh to serve as Federal Reserve Chair, triggering intense fluctuations in global financial markets. As the market generally perceives Warsh to have independence and crisis management experience, this appointment is seen as a “stability signal,” causing the dollar to strengthen immediately, while risk assets were heavily sold off.
Former Federal Reserve Board member Warsh served from 2006 to 2011 and experienced the global financial crisis. Richard Saperstein, Chief Investment Officer of Treasury Partners, stated that Warsh’s nomination is exactly what the market was expecting, and his reputation within the financial system helps maintain policy credibility.
Following the announcement, commodities led the plunge. Spot gold dropped nearly 9% in a single day, spot silver plummeted 31.4%, marking the largest decline since 1980. During Monday’s Asian session, precious metals continued to be under pressure, with gold falling about 8% and silver dropping over 10%. The failure of safe-haven assets has caused market sentiment to shift clearly toward defense.
Cryptocurrencies also came under pressure, with Bitcoin falling to approximately $75,103, the first time since April 2025 to break below the $80,000 mark. Weakness in tech stocks also dragged down the U.S. stock market, with major indices declining consecutively.
The Asia-Pacific markets also faced shocks. South Korea’s KOSPI index fell over 5%, temporarily suspending trading; Hong Kong’s Hang Seng Index retreated nearly 3%; Japan’s Nikkei 225 declined about 1%. In the energy market, Brent crude and U.S. crude both fell more than 5%, partly due to Trump stating that Iran is engaging in “serious dialogue” with the U.S., easing supply tension expectations.
Looking ahead this week, markets will focus on tech giants’ earnings reports. Alphabet and Amazon are about to release their results, and investors hope that fundamental data can provide new direction amid market turbulence.
This event highlights the powerful influence of policy expectations on global asset prices. The combination of Federal Reserve personnel changes, a strengthening dollar, and the failure of safe-haven assets has increased uncertainty in the financial markets into early 2026.
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