The Federal Reserve is about to change its leader! Powell is stepping down, Waller is about to take office, and global monetary policy is about to shift? The crypto market spring is here!

The U.S. Senate just voted, and Trump-nominated new Fed Chair Kevin Waller successfully passed the hurdle. As early as May 15, current Chair Powell will have to step down, and the Fed will officially enter the "Waller era."
This is not just a leadership change but a major policy shift. Who is Waller? The youngest former Fed governor, with backgrounds from Stanford and Harvard, and has worked at Morgan Stanley. His approach is very "restructuring":
· Say goodbye to "talkative" communication: disapproves of the dot plot method, believes excessive transparency disrupts the market. Wants policy signals to be simpler and more predictable.
· Shrink the balance sheet, reduce power, focus on controlling inflation: advocates for monetary fundamentalism, believes the Fed shouldn't intervene too broadly, and should honestly keep inflation in check. He thinks AI can bring high growth + low inflation, and there is room for rate cuts.
· Relax regulations on banks: supports deregulation, unleashing bank vitality, and expanding credit to match his "growth-oriented balance sheet reduction."
But there are also significant challenges:
➤ Can independence be maintained? Trump has always wanted low interest rates. Waller says he will "maintain independence," but balancing between the White House and the credibility of the central bank is a difficult tightrope walk.
➤ Economic cooperation: inflation remains sticky, Middle East turmoil pushes up energy prices, and Goldman Sachs has delayed rate cut expectations. Waller will face tough decisions on how to adjust interest rates right after taking office.
In short: The "Powell era" at the Federal Reserve is ending, and the "Waller era" is beginning. Global monetary policy may need to be reshuffled.
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