Yesterday's FOMC meeting just concluded, and it was reported that the Federal Reserve Board has approved the reappointment of 11 local Fed chairpersons who intended to stay on. According to convention, this vote, which occurs every five years, should be completed by the end of February; this sudden advance inevitably raises political associations.

And the fact is indeed so, this swift decision was made to prevent Trump from intervening, fearing that the Federal Reserve Board, in a long night of dreams, unanimously passed the resolution, with even Trump's three allies: Mulan, Waller, and Bowman voting in favor. This action may deepen Trump's suspicions about the loyalty of the shadow chair Hassett, who has not yet been formally appointed.

There are reports that this early voting was to address the requirement proposed by Bessent that the new chair must reside in the district for three years, which is essentially aimed at cutting off the pathway for Wall Street and academic elites (who are usually the main source of senior Federal Reserve officials) to enter the local Fed. This poses a threat to the existing elite circle of the Federal Reserve, so the internal unity, driven by self-interest, initially blocked it.

Local Fed chairpersons are typically more hawkish than board members. With this renewal completed, the FOMC voting lineup for 2026 is very unfavorable for Trump.

Trump's desire to achieve "rapid and significant rate cuts" through personnel changes is likely to be in vain. The hawkish voices within the Federal Reserve have been systematically retained.

Thus, Trump may only be able to exert pressure through board seats, chair selections, and institutional reforms in the future.