Recent personnel changes at the Federal Reserve have caused a lot of buzz, appearing to be a large-scale reshuffle of top leadership. It is reported that the list of candidates for the new Fed Chair has basically been finalized, with four heavyweight figures emerging as the most competitive contenders.

Who are these four? Kevin Hasset is widely regarded as a hawk supporting rate cuts, recently signaling dovish signals frequently, implying that inflation data is in good shape and there is ample room for rate cuts. Kevin Waugh is a veteran advocate of easing liquidity, consistently advocating for lower interest rates. Current Federal Reserve Board member Christopher Waller has publicly stated "no rush," but has long been involved in core decision-making circles. Also on the list is Rick Rieder from Wall Street, a seasoned finance professional whose connections and experience are not to be underestimated.

From this list, a clear trend can be seen: whoever ultimately takes the position is inclined to adopt a more accommodative monetary policy. The current interest rate is in the 3.5%-3.75% range, but based on the candidates' statements, the probability of further rate cuts is rising. This suggests that the Fed may be brewing a new round of liquidity injection.

For the crypto market, this signal is highly significant. Historical experience shows that whenever central banks initiate rate-cutting cycles and release liquidity, risk assets tend to rebound. Mainstream cryptocurrencies like Bitcoin and Ethereum often become key targets for liquidity chasing. The key is not whether rate cuts will actually happen, but how the market prices this expectation — this anticipation alone is enough to drive asset prices higher.

Of course, rationality must be maintained. Whether liquidity expectations will materialize depends critically on subsequent inflation data. If economic data do not support easing policies, all rate cut promises could turn out to be illusions. But from the current trend, commodities and risk assets are already pricing in this expectation in advance.

For participants, this is indeed a critical time window. Markets tend to react to policy changes ahead of their actual implementation, not waiting until policies are officially enacted. If the Fed's policy truly adjusts as expected and liquidity conditions improve, the opportunity to allocate into crypto assets will be right in front of us. Regardless of the final outcome, during this period of expectation shift, every market move warrants close attention.