Powell's "Last Dance": Has the Bell Tolling for Dollar Hegemony?

In May 2026, Federal Reserve Chair Powell officially hands over the reins. But this farewell performance by the "Last Guardian of the Dollar" secretly contains three major moves:
1. Stubbornly Defend Independence: Facing Trump's pressure to cut rates, Powell firmly refuses to become a political puppet. He warns: if the Fed yields, the dollar's credibility will collapse instantly.
2. Staying on Without Loving Power: Resigning as Chair but remaining as a board member, he maintains his bottom line and signals "I will not be a shadow chairman"—dignified, but full of hidden mines.
3. Admitting the Truth: Acknowledging recurring inflation, out-of-control U.S. debt, and the global de-dollarization surge. Dollar hegemony has long been fragile from the outside.
The real storm lies with the successor—Trump loyalist Waller. This person advocates for the "rate cut + balance sheet reduction" magic trick, claiming AI can automatically fight inflation. His rise means the Fed will be fully reduced to a tool of the White House.
History does not lie: Nixon's pressure on the Fed to loosen in the 1970s led to a decade of high inflation and economic stagnation. Today, the same script is playing out again—only this time, the coffin of dollar hegemony may truly be nailed shut.