#谁将成为下一届美联储掌舵人？ The upcoming Federal Reserve Chair transition—three candidates, who will hold the key?

As Jerome Powell's term ends in May 2026, the choice of the new Fed chief is now on the table. This selection process is highly complex, directly affecting the monetary policy direction in the coming years, with ripple effects on global financial markets, especially cryptocurrencies.

The most prominent candidate currently is former Fed Governor Kevin Warsh. He has garnered considerable favor on Wall Street and in financial circles, advocating for a combination of rate cuts and balance sheet reduction, which satisfies political policy expectations while maintaining market discipline. From a stability perspective, he is indeed the "insurance card."

But let's not forget Christopher Waller. As the current Fed Governor, he is appreciated by the business community for his logical approach to rate cuts and also staunchly defends the Fed's independence—an especially critical stance amid increasing political pressure. He represents the guardianship of central bank autonomy.

The most interesting dark horse is Malik Rieder, an executive at BlackRock, who has no political baggage and advocates for lowering interest rates to a neutral level of 3%. During the Senate confirmation process, someone like him, an "outsider," might find it easier to get approved.

A key variable here is Trump's obsession with "rate cut loyalty." He has publicly expressed a desire to lower interest rates to 1% to ease the national debt burden, which means the candidates' attitudes toward rate cuts will directly influence the tilt of the nomination. This is not a technical issue; it is a political one.

The announcement of the nomination is likely around the Davos Forum. Once settled, the policy orientation of the new Fed Chair will reshape the boundaries of the Fed's independence, further influencing the global monetary policy landscape. For those watching $BTC, $ETH, and other assets, the weight of this decision is self-evident. The sensitivity period for US stocks, US bonds, and the US dollar has already begun.