The power struggle at the Federal Reserve heats up, with Trump sending ambiguous signals to Powell.

Latest development: Trump said on Wednesday that he is not yet replacing Powell, but then changed his tone — "It's too early to make a decision." The underlying meaning: a new candidate may be announced within weeks, leaving the top Fed positions shrouded in uncertainty.

The tension is mounting. The Department of Justice is conducting a criminal investigation into Powell, involving a $2.5 billion renovation scandal. Powell defends himself as innocent, claiming political pressure, but Trump is pushing for the investigation to proceed. He has named two hawkish figures — Waller and Hasset — as potential successors, while explicitly ruling out Treasury Secretary Yellen. "Both Kevins are doing well," he said ambiguously.

International backlash is rising. Republican senators and global central bank officials have warned that political interference in the Fed could undermine central bank independence and threaten the dollar's international status. Trump's response is straightforward: "I don't care," and he claims to understand economics better than "the slow-responding Powell."

The timeline is approaching: Powell's term as Chair ends in May, but his board membership will continue until 2028. Can he exit unscathed? Can Trump reshape the power dynamics of the Federal Reserve? This game, which concerns the dollar policy direction and impacts global markets, is entering a critical phase. Crypto market participants should closely monitor potential changes in Fed policy — which will directly affect liquidity expectations and risk asset valuations.

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