Monday's homework was a total mess. The issues with Iran and Venezuela are still unresolved, and now Trump is out here aggressively threatening Powell. I wonder how many of you still remember—I posted a tweet two weeks ago about the approval ratings of U.S. government officials. Powell ranked first, while Trump was dead last. Now Trump is threatening Powell, directly causing market turbulence, as the market worries about the Fed's independence. Honestly, everyone knows Trump is just picking a fight. Powell will soon step down as Fed Chair, and it seems like Trump doesn’t want Powell to stay on as a board member either, so he’s trying to push him out. But this move could backfire. Today, three former Fed Chairs and some overseas central bank leaders have come forward to support Powell, making Trump lose even more face. Meanwhile, U.S. stocks were on a rollercoaster ride today, fluctuating throughout the session before closing with a slight uptick. The S&P 500 even hit a historic high before the close. Similarly, BTC’s price was volatile, but the rebound in U.S. stocks helped Bitcoin rise slightly as well. Looking at Bitcoin’s data, today’s turnover rate wasn’t particularly high. Investors are still pretty restrained. On a day of macro and political turmoil, the lack of large-scale turnover is already a positive sign. For the market, there are currently two different narratives: one is that the U.S. economy is highly resilient, and the Fed might not increase rate cuts for 2026. Some institutions even believe the Fed won’t cut rates at all in 2026. The other narrative is that November’s inflation might have been reduced due to the government shutdown, but December’s inflation could rise again, which might also hinder the Fed’s preparations for rate cuts in 2026. Both narratives are pessimistic about rate cuts in 2026, but the key battle lies in whether Trump will interfere with the Fed’s independence after Powell steps down. Will the market perceive this interference as good or bad? We’ll just have to wait and see. @bitget VIP, lower fees, bigger perks