The situation suddenly reversed. Just as the market was expecting Powell to be replaced soon, Trump changed his tone, saying there are no plans to dismiss the Federal Reserve Chair for now. However, he also revealed two potential successors—Wash and Haskett—and ambiguously stated that "a final decision is still too early."

The logic behind this shift is quite interesting. On one hand, central banks around the world have expressed support for Powell, and political pressure from judicial investigations is also playing a role, forcing Trump to step back temporarily. The market’s biggest concern—the risk of an immediate ousting—has been postponed. On the other hand, the emergence of the names Wash and Haskett itself is a signal—these are widely considered to be individuals who would be more obedient to Trump. In other words, although Powell has temporarily retained his position, his term has already begun a countdown.

What’s even more noteworthy is the detail revealed in the latest Federal Reserve Beige Book. Sticky inflation persists, and tariff costs are spreading across the U.S., which means that even if the Fed Chair changes, the path to rate cuts will not become smoother. Trump’s goal is not simply to remove someone from office but to create a "obedient Federal Reserve."

From the perspective of the crypto market, this short-term easing may reduce market uncertainty and slightly improve risk sentiment. However, in the long run, Trump’s control over the Fed has been fully exposed. The political risk premium in the dollar system itself is rising, which provides continuous momentum for Bitcoin’s narrative of "decentralization and resistance to censorship." When monetary policy becomes a political tool, the fundamental valuation basis of global assets also changes.