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The Federal Reserve personnel changes are evolving into a market focal point. Trump’s nominee for Fed Chair, Hasset, has sparked a deep discussion about central bank independence through his appointment.

The core issue is straightforward: Can the Federal Reserve maintain decision-making neutrality?

On the market level, investors are most concerned not with the policy itself but with whether the central bank might become a political tool. Hasset’s long-term role as a policy advisor to Trump has led many financial institutions and asset managers to reassess this risk. If the Fed’s decision-making process is eroded by political factors, the credibility built over decades could collapse within a cycle. The more direct consequence is that long-term interest rate trends may lose their predictive basis, and asset allocation could become highly unstable.

To put it more clearly—central bank independence is never just a theoretical discussion; it is the cornerstone of confidence in the entire financial system. When this cornerstone wobbles, the first to be impacted are often the re-pricing of global liquidity.

Recently, Hasset’s public statements can be seen as a form of “firefighting,” emphasizing that Fed decisions must be independent of political pressure. But this kind of statement itself highlights the seriousness of the issue—if there were no doubts, there would be no need for clarification.

For cryptocurrency ecosystem observers, the significance of this game runs even deeper. The Fed’s policies directly determine the scale and expectations of dollar liquidity, which often reflect the flow of funds across on-chain assets. Once central bank independence is compromised, the long-term stability of dollar credit will be questioned, prompting investors to reconsider alternative asset allocations.

From the current market reactions, everyone has already begun to digest this uncertainty in advance. Risk premiums are adjusting, and expectations are being rebuilt. In the coming months, the progress of this personnel appointment will undoubtedly become an important focus for global markets.