It seems the market believes that if Waller is elected as Federal Reserve Chair, there may be no rate cuts, leading to a global financial plunge. But I don't understand, hasn't Trump been criticizing Powell for not cutting rates? Why would he then nominate someone unwilling to cut rates to succeed as Fed Chair? Mizuho Bank: If Waller is elected as Fed Chair, the market will feel sustained pressure to cut rates. Mizuho Securities' Chief Strategist Shoki Omori stated that if Waller is elected as the new Fed Chair, the market will experience ongoing pressure to cut rates. However, considering the voting situation at the last FOMC meeting, rate cuts are not an easy task for him. The market has misjudged the speed of rate cuts, expecting the Fed to cut rates more slowly than market expectations or hopes. At the same time, the market believes Waller is more dovish than Harker, which is why we see the USD/JPY exchange rate rising $BTC $ETH