Hassett 'exposes' his lack of ambition for a position, a major signal of change in the cryptocurrency market has arrived!
Just now, White House economic advisor Hassett personally stepped in, clearly stating that he does not want to be the chairman of the Federal Reserve, and directly pointed out that Treasury Secretary Basant is the 'preferred candidate.' This is not just personnel gossip, but a heavy signal bomb dropped on the global market.
Why? Because who is Basant? He is a 'person from Trump,' leading the search for Powell's successor. Once he or his 'political allies' are in power, the market's expectation of a 'more accommodative, faster rate cut' era may accelerate. This expectation based on political bets has already been referred to on Wall Street as the 'Hassett trade.'
What does this mean for the cryptocurrency sector?
1. Rate cuts are a known factor: The market's expectation probability for a rate cut by the Federal Reserve this week has soared to nearly 90%. A rate cut means cheaper funds and a stronger risk appetite, which is directly beneficial for high-risk, high-return cryptocurrencies. Bitcoin has fallen over 25% from its peak, and Ethereum has corrected nearly 37%, with valuations being repaired.
2. But it is by no means smooth sailing: Be aware, this may be a 'hawkish rate cut.' Powell may release hawkish signals, and coupled with the huge uncertainty of future leadership changes at the Federal Reserve, market volatility is bound to amplify sharply!
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