Recent developments in US financial policy are worth paying attention to.

First, the outlook for the Federal Reserve Chair candidate is becoming clearer. US Treasury Secretary Yellen revealed that the list of candidates has been narrowed down to four, and the new chair is expected to be announced around the time of the Davos Forum. Interestingly, Trump has publicly stated that he already has a preferred candidate in mind, but has not yet disclosed his specific preference to Yellen. Additionally, Yellen commented that current Federal Reserve Board member Bullard is the most suitable to continue in his current role, while Mester can remain a Board member after January 31.

Within the Federal Reserve, opinions on interest rate cuts are not uniform. Board member Bullard holds a more dovish stance, believing that given current economic risks, the Fed should not signal a pause in rate cuts, but rather be prepared to cut again at any time. This view differs from the consensus of most Fed members; market analysts generally believe Bullard could become a key voter in the future. However, if inflation data rises, he may shift to a hawkish stance.

Fiscal pressure is also worth noting. Yellen disclosed a specific figure: the US fiscal deficit in 2025 is projected to reach 5.4% of GDP. She also stated that it is highly unlikely that the Supreme Court will overturn Trump's tariffs, which provides some stability expectations for that policy.

Regulatory developments in the crypto space are also progressing. Senators Grassley and Durbin sent a letter to the Senate Banking Committee opposing the inclusion of the "Blockchain Regulatory Certainty Act" into the Crypto Market Structure Bill. Their main concern is that such an approach could weaken accountability for developers. This reflects ongoing discussions about the boundaries of responsibility for crypto developers among regulators.