2026 will be a pivotal year for the global financial markets. The current term of Federal Reserve Chair Jerome Powell will end in May, signaling a new leadership team for the Federal Reserve. Candidates such as Waller, Wosh, and Hasset have entered the market's view, and discussions about who will lead the world's most powerful central bank are becoming increasingly heated.

From a market perspective, this personnel change is far more than an internal matter. The new chair candidate directly affects whether the Fed can maintain its independence — a factor that has profound implications for long-term global interest rates. The current situation is somewhat complex: the unemployment rate has risen to 4.6%, while AI investments continue to strongly support GDP growth. Amid this contradictory state, hawks and doves within the Federal Open Market Committee are engaged in intense negotiations.

The policy uncertainty brought about by the power transition is a major issue. USD liquidity will be re-priced as a result, directly impacting the valuation logic of the entire crypto asset market. During such macro volatility, questions arise about whether the rate cut path will cool off and what policy stance the new chair will adopt — these are issues that market participants need to monitor closely.