Trump is selecting a new Fed Chair, and his criteria are exceptionally clear: the candidate must be an advocate for rate cuts. This personnel change is quietly reshaping the global capital flow landscape.

Currently, four candidates are in the final stage of the race. Kevin Hasset, a former White House advisor, has an extremely optimistic view of CPI data and supports aggressive rate cuts; Kevin Waugh, during his tenure as a Federal Reserve Board member, is known for his dovish stance and is likely to continue the easing policy; Christopher Waller, the current Board member, has been publicly praised by Trump and advocates for a steady and certain rate-cutting path; and Rick Rieder from BlackRock, representing Wall Street, is also among the final candidates.

From a data perspective, the current Federal Reserve benchmark interest rate remains in the 3.5%-3.75% range. Trump has explicitly stated his intention to significantly lower this level. The November YoY CPI data stands at 2.7%, seemingly retreating, but the latest assessment from the New York Fed suggests we may have underestimated inflationary pressures. However, the market has already priced in rate cuts, and the current debate centers on: how large should the rate cut be? How fast should the pace be?

The key issue is that once the new Chair takes office, the independence of the Federal Reserve will face severe tests. If the cheap dollar truly makes a comeback, the pricing logic of global assets will be disrupted and reorganized. Stocks, precious metals, and cryptocurrencies could all face significant liquidity shocks. For investors holding digital assets like BTC, ETH, ZEC, etc., the outcome of this policy game directly affects your profit prospects.