The U.S. Senate has just officially confirmed Kevin Wirth as the Federal Reserve Chairman with a vote of 54 to 45, succeeding Powell who steps down this Friday.


This appointment is the most politically divided in history, with only one Democratic senator and Republican voting in favor.
After Powell steps down, he will continue to serve as a Federal Reserve Board member.
Next, the market will focus on Wirth's monetary policy stance.
Combined with the recently released high inflation data, he is likely to continue or even strengthen a hawkish position, making rate cuts even less likely.
For the crypto world, the pressure on risk assets in a high-interest-rate environment is not over, and upcoming volatility will only increase.
Leverage traders must keep a close eye on their positions.
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