Recently, there has been some turmoil in the personnel arrangements at the Federal Reserve. Trump previously hinted at appointing White House economic advisor Hassett to lead the Fed, but then changed his mind, saying he would rather keep Hassett around, fearing that losing him would be troublesome. This move directly disrupted the situation.

The most favored candidate now is Powell, who not only has genuine expertise but also looks quite formidable. Trump’s approval rating for him has been rising rapidly. The competition for the Fed Chair has become intense in recent days, with BlackRock’s Rieder also making the interview list, making the candidate selection highly uncertain.

The real issue lies behind the scenes. Some senators have explicitly stated that unless investigations are complete, nominations will not be approved. Additionally, Powell might stay on the Board of Governors until 2028, which could create two power centers that hinder each other.

This personnel shake-up has directly hit the market— the dollar rebounded, U.S. stocks shifted from gains to losses, and gold fell by 1.5%. The real suspense is whether, if Powell is replaced by Wash, he can manage the entire Federal Open Market Committee. The market has been hoping for a consensus on rate cuts, but will these political struggles ultimately ruin those expectations? The deadline for the Fed’s term renewal on May 15 is approaching, and the upcoming power transition seems quite tense. The crypto market is especially sensitive to Fed policies; any movement in the dollar or interest rates can trigger a wave of market reactions.