#美国核心物价涨幅不及市场预估 The Changing Power Dynamics of the Federal Reserve and New Uncertainties in the Crypto Market

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Recently, subtle shifts have occurred within the internal power structure of the Federal Reserve. Jerome Powell is about to step down from his chairmanship, but according to the planned term, he may continue to serve as a board member until 2028. This potential change in the power structure has become a focal point of market attention.

From multiple perspectives, the complexity of this leadership transition is beyond imagination:

On one hand, the current chair faces pressure from the Department of Justice. He recently issued a firm statement via video, emphasizing that the independence of the central bank must not be infringed—this public stance itself indicates the seriousness of the situation. Meanwhile, the appointment of the new chair has encountered obstacles in the Senate, with key senators insisting on "clarifying related issues before voting." This has directly led to difficulties in filling the vacant board seat.

On the other hand, the U.S. Supreme Court is about to rule on a mortgage fraud case. The key issue in this lawsuit is whether the President has the authority to dismiss Federal Reserve Board members at will. If the ruling favors presidential authority, the independence framework of the Fed will face redefinition.

How will these variables collectively impact the market? The most immediate consequence is that FOMC decisions may become divided internally. The implementation of interest rate policies will become more uncertain, and market volatility is likely to become the norm.

In contrast, this highlights the unique value of decentralized financial systems. When traditional financial decision-making centers are troubled by power struggles, crypto assets operating under code rules and transparent transactions become increasingly scarce in their "resistance to intervention." No matter how macro patterns change, this characteristic will remain unchanged.

What is the future direction? The market is awaiting the Supreme Court's ruling and observing how new and old powers interact. For on-chain asset holders, this period's market lessons may be even more worth remembering.