A significant message has come from the White House – Trump has basically locked in the candidate for the next Fed chair.

Kevin Hassett, the current director of the White House National Economic Council and a longtime ally of Trump, has suddenly surged to the front of the candidate list. The market reaction was immediate: the 10-year Treasury yield broke 4%, and funds began to re-bet.

What is Hasit’s background? This person is not an ordinary candidate. He has previously been deeply involved in the design of tax reduction legislation and the "Made in America" policy, which is highly consistent with Trump’s economic philosophy. More importantly, he has publicly stated that he will immediately cut interest rates upon taking office, and he said, "Economic data fully supports doing this."

This statement carries a lot of information. The current Chairman Powell's term expires in May 2026, and if Haskett takes over, the White House's radical rate cut policy could be implemented directly. The market now expects that the rate cut in 2026 could exceed 100 basis points, which is not a small number.

Currently, there are 5 candidates left on the list, including former Fed governor Warsh and current governor Waller, who are traditionalists. However, Haslet's advantage is that he is part of the "White House faction", which gives him a natural edge in policy coordination. Of course, Trump's personnel decisions have always been unconventional, and the White House itself has stated that "there are still variables before the official announcement".

This matter has already started to affect the global market. Growth stocks in the US are rising, gold has support, and the dollar is weakening. For the crypto market, expectations of interest rate cuts have always been favorable— the pricing logic of mainstream coins like BTC, ETH, and XRP is largely tied to the liquidity of the dollar.

However, there are two issues to keep an eye on: first, whether the Fed can withstand political pressure and maintain its independence, and second, how much room there is for interest rate cuts if inflation does not come down. Trump is likely to announce the final candidate before Christmas, and the game of pricing power for global assets has entered its final stage.