After the Federal Reserve changes its leadership, the most dangerous thing has appeared: the market is too optimistic

After Waller confirmed his appointment as Federal Reserve Chair, the biggest change in global capital markets is just four words: excessive excitement.
Many investors haven't even finished listening to the full speech and have already assumed "interest rate cuts are coming soon."
This speed even makes delivery riders feel ashamed.
Why is the market so excited?
Because Waller has long been seen as a market-friendly figure.
The capital circle generally believes he is more willing than traditional hawks to protect the financial markets at critical moments.
So risk assets immediately started to celebrate.
U.S. stocks rose, cryptocurrencies rose, gold rose, as if the whole world suddenly entered a "liquidity Easter."
But the real problem is that the U.S. economy is not that healthy.
High interest rates have already slowed consumption, and many companies face skyrocketing financing costs.
The expressions of young Americans applying for mortgages now are basically the same as when watching horror movies.
And inflation hasn't been fully resolved.
This means Waller might face a classic dilemma in the future:
Save the market, inflation rebounds;
Suppress inflation, the market crashes.
This is also why the Federal Reserve Chair is always seen as the "scapegoat" in the financial world.
Even more absurd is that many investors are now already "All in" on the future.
They buy stocks not based on fundamentals, but betting that "the Fed will ultimately save the day."
This logic might work in the short term, but it easily creates huge bubbles in the long run.
The AI sector is a typical example.
Many companies have average profits, but their market value has already entered "cosmic level" early.
The reason is simple: the market believes that as long as funds are cheap enough, all valuations can be forgiven.
The global markets are also affected.
The dollar trend, U.S. Treasury yields, capital flows in emerging markets—all are tied to Waller's future attitude.
So don't be fooled by just changing the chair; in fact, the entire financial world is re-betting.
The only question is: who will ultimately take over this big gamble?
#美国4月CPI上涨3.8%