Recently, the personnel changes regarding the Federal Reserve Chair are actually a reorganization of the power structure behind the scenes. The synchronized resignation arrangement when the Fed Chair's term expires in May seems to be about accountability, but in fact it is to clear the Board of Governors seats—thus providing ample space for new nominations and appointments. Controlling the decision-making voice of the Federal Reserve is crucial for the implementation of economic policies.

Looking at the urgency to cut interest rates, what does it indicate? The market is speculating whether the economic fundamentals behind it are not as optimistic as they seem. Rate cuts are usually a hedge measure during times of increased economic downward pressure. If larger risks or black swan events are indeed brewing, adjusting policy stance in advance becomes even more necessary. This will have a chain reaction on liquidity and risk appetite in the crypto market, and investors need to continuously monitor the Federal Reserve's policy movements.