President Trump has created his own Fed.

On November 30, Trump, who had just returned to Washington, revealed to reporters on Air Force One that he has his eye on the next Fed chair candidate and clearly hopes that this person will implement a more aggressive interest rate cut policy. Although he did not name anyone directly, the signal is clear enough—aggressive rate cuts are likely to become the main theme in the coming years.

The timing is crucial. Powell's term will end in May 2026, and Trump is now actively advancing his candidate selection. This is not just an internal adjustment of the US central bank, but it could reshape the global asset allocation landscape. For the cryptocurrency market, a rate cut cycle means liquidity easing, which has always been a breeding ground for major market movements.

Candidates have come to the forefront. U.S. Treasury Secretary Becerra revealed that the candidate pool has been narrowed down to five: current board member Christopher Waller, Michelle Bowman, former board member Kevin Walsh, White House Economic Council Director Kevin Hassett, and BlackRock executive Rick Reed. Becerra plans to submit the final list to Trump by the end of November, and Trump himself plans to finalize the nomination by the end of the year.

Interestingly, two candidates named "Kevin"—Hassett and Walsh—are generally seen as the most competitive. Trump has even publicly stated that "both Kevins are good," and this vague stance actually indicates that they share a consistent position on the willingness to cut interest rates.

The key question is: how quickly will the new chairman implement interest rate cuts after taking office? This directly determines the level of market liquidity in the coming one to two years. For investors, this is a policy window that cannot be missed.