#美联储恢复降息节奏 Who will sit in the position of the Fed Chair? It has now become the hottest pending case in Washington.

To put it bluntly, this is not something that can be casually handled by just any financial expert. The choice of this person will directly determine the direction of U.S. economic policy in the coming years, and it's the focal point that the global market is watching. But here's the problem—up to now, not even a leading candidate has emerged, and the White House is probably feeling overwhelmed.

This matter is a bit subtle. Powell's term is coming to an end, will the next move be a rate hike or a cut? The new chairman's attitude basically sets the tone. But just look at the current situation: inflation is still hovering at high levels, and the economic recovery is rather sluggish. Choose a hawkish candidate? That might crash the economy. Choose a dovish one? Inflation might come back again. It is said that the Treasury Secretary has to go through rounds of interviews, so you can imagine the dilemma.

For those of us who are watching the market, this uncertainty is the most critical. If a dovish leader takes charge in the end, U.S. stocks and gold might have a nice rally; but if a hawkish leader comes to power, the capital outflow pressure in emerging markets will be even more intense. What is the only certainty right now? It is the uncertainty itself — the market has to continue to endure in this accelerated heartbeat state.

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