#美联储政策与货币政策 The change in the Fed Chair candidate has indeed caused quite a stir in recent days. From Haskett's probability dropping to 42%, to Waller rising to 31%, and then to Trump possibly announcing a new candidate in January—policy uncertainty is increasing.

What I want to tell everyone is that these macro policy changes really test investment mindset. Every time the Fed Chair is replaced or policy expectations are adjusted, the market reacts. But the key is that we shouldn't be led by short-term personnel changes and market fluctuations.

In the long run, regardless of who sits in the Fed Chair position, the overall direction of monetary policy is determined by economic fundamentals, not personal will. Instead of frequently focusing on who will be elected and what impact it will bring, it's better to focus on position management—ensuring that your asset allocation can withstand policy cycle tests.

My experience over the years is that investors who can maintain their resolve during policy uncertainty often end up with better returns. Because they have reasonable allocations, clear stop-loss lines, and don't rush to adjust due to news. I suggest everyone review their portfolios to ensure that the risk and return ratio is within their capacity. Policies will change, but sound principles should not change.