There’s some news that might be bigger than all the recent economic data combined:

Rumor has it that Trump’s team is considering appointing Kevin Hassett as the next Fed Chair.

You might ask, it’s just a personnel change, is it really that significant?

It is. Because who the Chair is basically determines where interest rates are headed, how liquidity will be managed, and which way the market will move.

Hassett is widely seen as dovish by the market. If he really takes the position, it could trigger a three-wave chain reaction:

**First Wave: US Dollar Liquidity Loosens, Risk Assets Rally First**

The DXY index weakens, and capital starts to flow outwards. Emerging markets, tech sectors, and crypto could all heat up as a result.

**Second Wave: Major Volatility in the Bond Market**

Short-term bonds may decline, while long-term bonds face selling pressure. Once rate cut expectations rise, inflation concerns will surge in tandem, and 10-year and 30-year US Treasuries could see heavy sell-offs.

**Third Wave: Crypto Market Leads the Charge**

The likely order is: Bitcoin takes the lead → Ethereum follows → Solana and other major coins catch up → large-cap altcoins start to move → finally, sectors like AI, RWA, and Layer2 rotate into action.

Why does crypto react first? Because this market is almost unmatched globally in its sensitivity to liquidity changes.

To put it simply:

If Hassett really gets the position, crypto, tech stocks, and gold could all see a wave of liquidity-driven rallies.
If the nomination is blocked? Market turbulence will intensify, and volatility will continue to soar.

This is hands down the most critical variable for global markets in the coming month.