The Federal Reserve pressed the pause button at the first FOMC meeting of 2026, keeping interest rates unchanged. Gold immediately broke through $5,500 to hit a new all-time high, but Bitcoin and other risk assets reacted calmly. As the macro direction remains unclear, the market is shifting its focus to the next Federal Reserve chairperson. (Background: 2026 Federal Reserve Power Transition: End of the Powell Era, US interest rates may be "cut all the way down") (Additional context: Federal Reserve's latest meeting minutes: disagreements still exist, but "most" officials advocate for continued rate cuts) Table of Contents The dust has settled but the direction remains unclear Macro Market: Gold leads the way, other assets remain steady More important than rate cuts: Who will shape the next phase of the Federal Reserve? Will Bitcoin continue its bear market? Summary: Macro uncertainties and structural changes, the market is waiting for answers In the consecutive three