In the past couple of days, there's been another shocking news: Powell is set to hold an emergency meeting on Monday night at 7 PM to resign on the spot. The news first emerged from a "short essay" on a social media platform and spread at an unbelievable speed, with many people imagining a scenario where Trump has already appointed a new candidate and old Powell is leaving gracefully.

But a quick check reveals the truth — mainstream financial media hasn't followed up on the reports at all. The Federal Reserve's official website shows that Monday's event was actually Powell attending a memorial event at the Hoover Institution, chatting with Rice, Boskin, and a few others about the late Secretary of State Schultz's policy legacy. Where's the resignation press conference? Anyone familiar with the rhythm of overseas social media knows that Powell gets "resigned" three or four times on average each month; it's already a routine operation.

However, the real plot to watch is the next Federal Reserve chairman candidate that Trump is preparing. Trump himself has already hinted that "he has a number in mind," but is temporarily keeping the name under wraps to build suspense; Treasury Secretary Basente also hinted that the nomination will be revealed by around Christmas at the latest. This is equivalent to giving the market a sneak peek—although Powell's term won't end until May next year, the pricing game for the handover of the baton has already begun.

In the past decade, the yield on the 10-year U.S. Treasury bond briefly fell below 4%, which is backed by the betting sentiment that "the new leader may adopt a more aggressive monetary easing." What is the market betting on? Betting whether the new appointee will shift to a loosening cycle more quickly. After all, once the expectations of monetary policy change, the flow of funds from U.S. stocks to the cryptocurrency market will have to be reshuffled, and this is the main line worth continuous tracking.