The wave of attacks on Federal Reserve governors that started yesterday doesn’t seem to have caused much panic in the market. It’s just the same old talk about affecting the Fed’s independence. But after the Powell renovation incident, the market might already be numb. After all, Cook’s influence can’t possibly surpass Powell’s. Trump, as a seasoned real estate developer, seems quite happy to start with what he knows best—houses and renovations. Maybe it’s because this is the field where he’s truly the 'King of Expertise' and can spot the tricks that only insiders would understand. For example, during his previous inspection of the Fed’s renovation site, he pointed out that there was no need to use wooden wall panels or dig a basement. These unnecessary expenses significantly inflated the budget. From Kugler’s sudden resignation a while back to this sudden attack on Cook, it’s clear that the Trump group is preparing for both scenarios. That is: If Powell can step down gracefully, let him do so. If Powell can’t step down gracefully, replace the majority of voting members with Trump’s people, and then help him step down gracefully. In other words, rate cuts and monetary easing are things that Trump’s administration sees as absolutely necessary and non-negotiable. There’s no room for hesitation or missteps. So, we can fully expect a broader market rally before next year’s midterm elections.