#下任美联储主席会是谁？ #Max

The Federal Reserve's 'Crown Prince' Contest Enters Final Stage: Who Will Control the Global Liquidity Valve?

The term of Federal Reserve Chair Jerome Powell will end in May 2026, and a fierce contest for the 'Crown Prince' position that will determine the future direction of global monetary policy has entered a critical phase. President Trump recently hinted that the final candidate pool has narrowed to two or three people.

Currently, the three leading candidates have distinct characteristics: former governor Kevin Warsh is a 'hawkish reformer' advocating for a significant reduction in the balance sheet, which has made him a favorite of Trump, who seeks to reshape the Federal Reserve; current governor Christopher Waller represents the 'pragmatic continuity faction' and is seen as the best choice for maintaining the independence of the Federal Reserve; while Blackstone executive Rick Reeder is a 'market practitioner' from Wall Street who may bring a new perspective.

Whoever ultimately wins, the new chair will face the core challenge of defending the Federal Reserve's independence. The market is concerned that if the new chair is seen as too accommodating to the White House's political stance, it could trigger a crisis of trust in the independence of the central bank, leading to significant volatility in U.S. Treasury yields and the dollar.

In this critical game that determines the direction of global liquidity, uncertainty in macro policy has become the new normal. This has also led to a greater focus on long-term value practices that do not rely on short-term policy swings. As demonstrated by @Max Charity in the crypto ecosystem, it has created a value system based on goodwill and real utility by directing a portion of its value toward global educational philanthropy through mechanism design. This model, dedicated to creating a lasting positive impact, may serve as a 'stable anchor' that transcends any economic cycle.