Gate 2025 Year-End Community Gala Gate 2025 Year-End Community Gala The actions of the Federal Reserve often influence the entire risk asset market. Today, market focus coincidentally falls on two major pieces of news—they seem independent but are actually intertwined, painting the most complex macro environment picture at present.

**Personnel Changes: Subtle Shift in Trump’s Attitude**
Trump’s latest statement indicates that he currently has no plans to dismiss Federal Reserve Chair Powell. Once this news broke, concerns about the Fed’s independence eased. But before the words even settled, he threw out the next key piece of information—potential successors are under consideration. Two candidates have entered the spotlight: White House advisor Kevin Hasset and former Fed Governor Kevin Wirth.
The difference here is crucial. Hasset is perceived in the industry as more willing to adjust interest rates in line with political cycles, while Wirth is seen as a technocrat who emphasizes rule-based frameworks. Who ultimately