At a press conference at Mar-a-Lago, the U.S. President once again issued a strong statement regarding the Federal Reserve Chairmanship. He explicitly expressed hope that the current chair would voluntarily resign and frankly admitted that he might take action to directly replace him. More notably, he revealed that he has already identified a successor and plans to make an official announcement at some point in January next year. This clearly signals that the current chair's position is in imminent danger.

The general consensus is that Kevin Hasset, Director of the National Economic Council, is the most likely candidate to succeed. However, the list also includes former Federal Reserve Board member Kevin Woeh, current Board members Waller and Boman, and senior market analyst Rick Reed from BlackRock. The personnel competition has entered its final stage.

Policy disagreements are the real root cause. U.S. leadership has been openly pressuring the Fed to accelerate rate cuts to stimulate economic growth. Last year, the Fed indeed completed three rate cuts, but the outlook released in December for 2026 shifted to "possibly only one rate cut," which starkly contrasts with expectations of significant easing policies. This major deviation in expectations is becoming the trigger for conflict.

Even more radical, the government is considering filing a lawsuit against the current chair on the grounds of "gross misconduct," citing issues related to renovation expenses at the Federal Reserve building. This has gone beyond policy disagreements and evolved into a power struggle at the personnel level.

The current chair's term will end in May 2026, but he has the right to remain as a board member until 2028. If he refuses to resign voluntarily, there will be numerous procedural and legal obstacles for those seeking to replace him. This power struggle, which involves the future direction of the global financial markets, has already entered a heated phase. Its final outcome will directly impact the global liquidity environment, asset price trends over the next few years, and even the overall performance of the cryptocurrency market.