#美联储政策分析 The change in the Fed Chair is something we need to closely examine the underlying logic. If Hassett takes office, the first quarter of 2026 will be a critical time window - the market's attitude towards his policies will directly impact the direction of bonds and the US dollar.

Interestingly, there is a rhythm of "down first, up later" in this. In the short term, if he leans dovish, U.S. Treasury yields and the dollar may see a temporary decline. However, as long as he doesn't go too far to the point of "losing independence," it could actually turn upwards later with economic recovery and expectations being fulfilled. It's like the market first gives a discount, and then adjusts based on the real policy — this is the opposite of the transparency mechanism we have always emphasized in the decentralized world.

Think about it, in the traditional financial system, a single person's decision can stir up waves in the global market. How great is the vulnerability of such centralization? In contrast, with Web3's multi-signature and DAO governance, decision-making power is decentralized in the community. Although it may be a bit slower, the stability and risk resistance are indeed stronger.

The Fed's movements in the first quarter of next year will be very interesting, but what is even more worth looking forward to is that more and more people will realize the value of decentralization - without a single chairperson, there is no single point of failure.