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The Federal Reserve Chair candidate surfaces: which "Kevin" will take the helm?

Recently, Trump revealed his preference for the next Federal Reserve Chair—former Fed Governor Kevin Warsh and current National Economic Council Director Kevin Hassett have become the frontrunners. The policy stances of these two candidates directly influence the global interest rate trajectory next year.

Trump openly stated he has met with Warsh and discussed the issues most concerning to the markets. According to Trump, Warsh holds dovish views and believes rate cuts are necessary. Meanwhile, Trump has proposed a more aggressive target: lowering interest rates to 1% or even lower. His reasoning is straightforward—this would significantly reduce the US government's debt interest burden.

It is also noteworthy that Trump emphasized the importance of the Fed Chair listening to his opinions when setting interest rate policies, touching on the traditionally independent monetary policy process.

From a crypto assets perspective, a low-interest-rate environment has historically been associated with ample liquidity. If the Fed indeed embarks on an aggressive easing cycle, it could release substantial funds in search of investment opportunities, directly impacting the performance of risk assets including cryptocurrencies.

But the real question remains: can the Fed’s independence be maintained? Among the two "Kevins," who will ultimately lead the Fed, and how will political pressure be balanced against economic data? Once the rate cut cycle begins, what is the remaining policy space?

It is worth closely monitoring the subsequent developments of this personnel change and its actual market impact.