The battle for the new Federal Reserve Chair is more complicated than expected. Trump has already locked in four candidates—Hasset, Wosh, Waller, and Reed. Wall Street is exerting constant pressure, claiming it must not be Hasset. The reason is simple: he is too obedient to the president. However, these objections may themselves be a smokescreen.

Trump's stance is clear: "I want to cut interest rates! Anyone who disagrees, don’t even bother to run for this position." As for the four candidates? They all support rate cuts. No one dares to oppose, which in itself says a lot.

Looking at Hasset, although criticized for "not being independent enough," his resume is solid—he has clashed with Navarro and has defended Powell. The question is, once inside the Federal Reserve, can he maintain that "independence"?

Wosh is campaigning under the "hawkish" banner, but under Trump’s pressure, his stance has quietly shifted. Waller appears rational, but can he withstand the president’s anger? The key suspense is actually just one: who truly dares to say "no" in front of Trump?

Ironically, the answer points to someone who has long been discarded—Powell. He resisted pressure to raise rates, causing market crashes, and Trump’s hatred followed. Because he chose to stand independently, he was doomed not to be reappointed. Conversely, this very choice signals the future of the Federal Reserve: it’s not about who is most suitable to be chair, but who is most willing to obey. This power struggle is tearing apart the Fed’s remaining independence. For the crypto market, the upcoming policy direction may be more unpredictable than ever before.