The Fed Chair candidate adds another variable. Recently, Trump changed his stance, expressing hope that White House economic advisor Haskett will continue to serve and is unwilling for him to shift to the Federal Reserve. This decision triggered a chain reaction in the market— the dollar quickly rebounded, the previously rising US stocks turned downward, and gold fell by 1.5%.

How fast did the change in sentiment happen? Haskett was originally a top candidate for Fed Chair, but now his prospects are uncertain. In comparison, Waller's popularity has surged. This candidate, valued by Trump for his talent and image, currently has the best chance. BlackRock's Rieder has also entered the interview process, making the competition fierce.

Adding to the complexity, Senator Tillis has stated he will not vote until investigations are complete. Plus, with Powell possibly remaining on the Board until 2028, the Federal Reserve may effectively have two centers of power. This raises a key question: if Waller takes over, can he steer the entire FOMC? Will the market consensus on rate cuts still materialize? With the May 15th term deadline approaching, the Fed's power transition is playing out a grand drama.