The personnel changes at the Federal Reserve are fermenting, and this issue involves not only high-level personnel but also the fundamental independence of policy operations that has been maintained for a century.

The trigger point is very clear—the White House announced on December 29th that it is considering finalizing the Federal Reserve Chair appointment as early as January next year. Although Powell's term extends until 2026, Trump has been quite critical of his rate-cutting pace, publicly pressuring for adjustments, and even subtly hinting at possible lawsuits on the grounds of "serious misconduct." This "independent wall" between the White House and the Federal Reserve is now truly shaking.

Who are the potential replacements? Names circulating within Trump's circle include former President's economic advisor Kevin Hassett and former Fed Governor Kevin Wirth. This is not a simple leadership change—if this happens, the policy-making space of the Federal Reserve will be significantly squeezed by political forces.

From the market's reaction, once political power directly intervenes in monetary policy formulation, there will be chain reactions in global capital flows. Institutional investors are intensifying their assessments of how liquidity will shift under such policy uncertainty and which asset classes will become the new consensus safe havens. As a globally integrated, 24-hour liquid asset, the crypto market is always most sensitive to such macro policy changes.

The current question is: Will Powell really be replaced ahead of schedule? Can the Federal Reserve withstand this wave of political pressure and maintain its independence? The market is waiting for this answer.