The sudden change in the race for Federal Reserve Chairmanship.

Recently, Trump announced his intention to retain current White House economic advisor Hassett, explicitly stating he would not consider transferring him to the Federal Reserve. This unexpected decision disrupted the previous candidate landscape, instantly elevating former Fed Governor Wosh to the top favorite.

Following the announcement, market reactions were intense. The US dollar index quickly rebounded, US stocks shifted from red to green but then weakened amid volatility, international gold prices plummeted over 1.5%, and safe-haven assets generally came under pressure. Trump's remark, "Losing Hassett would make me very uneasy," seemingly just a few words, but in fact, redefined expectations across global financial markets.

The current situation is indeed intriguing. Hassett was once the most favored candidate, but Trump's strong support for him has made his future uncertain. Wosh, with a solid professional background and Trump’s trust, continues to gain advantages. Meanwhile, BlackRock executive Riedel has also entered the interview stage, making the competition among the three increasingly fierce.

However, the process is far more complex than it appears. Senator Tillis' stance is a variable—he has stated he will not approve the nomination until investigations are complete. Additionally, incumbent Chair Powell may remain in office until 2028, which could create a dual power center and add uncertainty to decision-making.

The key question is, if Wosh ultimately becomes Chair, whether he can build a consensus within the FOMC to cut interest rates. This directly impacts future rate trajectories. With the May 15 term limit approaching, this power transition is now in countdown mode, and every detail change is affecting global financial nerves. For the crypto market, the Fed’s policy direction is an even more critical reference for asset allocation.