The changing of the Fed chair, interest rate cut cycles, and the Bank of Japan's rate hikes—what do these mean for assets like BTC, ZEC, BIFI, and others in the 2026 global financial landscape?

**Turning Point in U.S. Monetary Policy**

Trump announced that a new Federal Reserve Chair will be appointed in early January. Treasury Secretary Yellen has led the candidate selection process and is pushing for an aggressive rate cut agenda and central bank system reforms. This is not just personnel change; it could mark a historic shift in U.S. monetary policy—from tightening to easing. If Yellen can find a "collaborative" new Chair, the Fed's policy space will significantly open up.

Meanwhile, Trump emphasized record-breaking stock market gains, soaring 401K account returns, and a GDP growth rate of 4.3% in his Christmas speech, touting tariffs as a driver of "trillion-dollar-level growth." But the question remains: can this "zero inflation" prosperity continue? Are there hidden economic risks behind these aggressive policies?

**Collision of Global Central Banks**

The Fed's moves are not isolated. Bank of Japan Governor Ueda has signaled that if the economy and prices continue to improve, the rate hike cycle may extend further. This means we are facing a rare scenario: the U.S. may cut rates while Japan continues to hike.

How will opposing policy directions from these two major central banks impact global liquidity? Will arbitrage trading patterns change? Where will capital flow? These are pressing issues the market must confront.

**The Threefold Test for Crypto Assets**

First, if the Fed accelerates rate cuts, the traditionally strong dollar may face pressure, which generally benefits risk assets like BTC. Second, the widening interest rate gap between Japan and the U.S. could trigger a new round of arbitrage trading, significantly altering capital allocation patterns. Third, the "Trump 2.0" policy mix—fiscal stimulus + tariffs + monetary easing—may look promising on the surface, but markets could be severely underestimating the volatility risks involved.

The key question is: after the Fed's leadership change, will the upcoming policies be a sustained "dovish frenzy," or will there be a rapid shift if inflation reemerges? The answer will determine the trajectory of the crypto market in 2026.