Lately, the market's been buzzing about Hassett possibly taking over as Fed chair, but let me throw some cold water on that: swapping chairs doesn’t mean an instant rate cut party. Wishful thinking.

The Fed isn’t a place where the chair calls all the shots. PGIM fund manager Peters put it bluntly—Hassett himself might support easing, but the problem is he’d need to get the other committee members on board, too. The big question now is whether he can actually build that consensus, which is no easy feat.

What does this mean for crypto?

In the short term: if the market starts to accept that “new chair doesn’t mean new direction,” those hoping for aggressive cuts next year might be disappointed. When sentiment shifts, Bitcoin, Ethereum, and other risk assets will likely come under short-term pressure.

But looking further out, there’s a silver lining. This personnel change actually highlights how robust the Fed’s checks and balances are—no matter who’s in the chair, policy can’t just veer wildly overnight. With fewer unpredictable wild moves, that's a long-term positive for the market.

What should we really be watching? Inflation data and jobs reports. These hard numbers are what truly drive how all the committee members vote. Every time major data comes out, the market’s expectations for policy can get reshuffled.

So, what to do? Here are a few tips:

Don’t get dragged around by “personnel hype”—most short-term swings are just emotional reactions, and chasing them is a good way to get burned. Shift your focus from “who’s the boss” back to “how’s the economy actually doing.” Until the policy path is clear, don’t go all-in; keep some flexibility.

Bottom line: swapping out a screw in the Fed machine isn’t going to change its direction overnight. Keeping your eyes on the road (economic data) is way more reliable than watching the driver (the chair).

(Based on PGIM expert opinions and Bloomberg reports, for reference only. Not investment advice.)