A cold wave is moving south, but the crypto world may be迎来暖风——Trump has just confirmed that the new Fed chair nominee will not be announced until early next year. This is something to keep a close eye on, as the person who takes the helm of the Fed will directly impact the global liquidity and our encryption market.

First, let's talk about the timeline: The market originally speculated that it would be officially announced before Christmas this year, but Trump said on December 2 that it would be pushed to early 2026. The current chairman Powell's term expires in May next year, and the new person may join the board a few months in advance to get acclimated.

Currently, the most popular voices are five people:

**Kevin Hassett** - Trump's former subordinate, who served as the chairman of the White House Council of Economic Advisers, recently publicly stated "It should be cut immediately", a clear representative of the doves.

**Christopher Waller** - current governor of the Fed, with a technical background, has met with the Treasury Secretary, considered a prudent choice within the system.

**Michelle Bowman** - Vice Chair of Supervision at the Fed, nominated by Trump during his first term, but she often disagrees during interest rate votes and is quite independent.

**Kevin Warsh** - former Fed governor and veteran investment banker, coordinated the bailout during the 2008 financial crisis, nearly selected in 2017, has undeniable experience in this area.

**Rick Reed** - the only candidate from the market, a big shot in BlackRock's fixed income business, more adept at practical operations.

What are the core highlights? Trump has always criticized Powell for being too conservative with interest rate hikes, and the new chairman will likely push for a more aggressive rate cut. This is a significant benefit for risk assets, but the final candidate still needs the Senate's approval.

In summary, this personnel change may reshape the tone of monetary policy in the coming years, which is worth keeping an eye on.