Will Trump change the leadership of the Fed in January, and what is the market following?

[Block Rhythm] According to the latest information, U.S. President Trump may announce the candidate for the new chair of the Fed in the first week of January next year. This news has attracted quite a bit of follow in the market.

Why is everyone paying attention to this? Simply put, the decisions made by the Fed chairman directly influence the U.S. interest rate policy and liquidity environment, and these two factors have a profound impact on global asset allocation. The cryptocurrency market, as an asset class sensitive to macro liquidity, has historically reacted sharply to expectations regarding Fed policy.

What does the new chairman's appointment mean? It could mean an adjustment in policy tone, or a different attitude towards issues like inflation and employment. The market is now beginning to digest various possibilities—some are optimistic about easing expectations, while others are concerned about policy uncertainties. In any case, such personnel changes often trigger a wave of volatility before decisions are implemented.

Investors are basically waiting for concrete news in January, at which time there should be clearer signals regarding policy direction.