Why did Trump suddenly change his tune on the nomination of the next chairman of the Federal Reserve? My personal guess may be that there are several reasons: 1. The criminal investigation launched against Powell earlier this week has sparked strong opposition within the party, Congress, and Wall Street, represented by Senate Banking Committee member Tillis. The Senate Banking Committee is a crucial step in the appointment process of the Federal Reserve Board Chairman, and now all four members, including Tillis, strongly oppose the investigation into Powell. Trump wants to keep the most loyal Hassett in the White House, and also wants to tell everyone that he is not going his own way and will still pay attention to the market reaction. At least partially offsetting concerns about the independence of the Federal Reserve 2. The 26th year is a mid-term election, and Trump's policies are all centered on solving the problems of people's livelihood and affordability, which requires someone to coordinate the promotion and implementation of various policies, and to publicize and explain the significance of various policies to the outside world. And Hassett, as the sole chairman of the National Economic Council, is responsible for coordinating economic policies among various departments to ensure consistency with the President's agenda. Coordinate policies and provide external explanations. Prior to the 26 year midterm elections, the significance and role of this coordinated policy and external interpretation were extremely significant. Hassett needs to stay in his original position and continue to shine and heat up. Here is a small question: In the past 25 years, most of the work of explaining policies to the public was carried out by Besant, such as tariffs, the Great Beauty Act, etc. Now it is necessary to leave Hassett in place. Is it true that Trump, who was rumored before, began to be dissatisfied with Besant? Or was Besant very fluent in Mandarin last Sunday night, expressing his dissatisfaction with Powell's criminal investigation, and Trump was also unhappy? The impact on the market is: 1) It will reduce the expectation of interest rate cuts this year. In my personal opinion, even if Kevin Walsh takes office, the magnitude of interest rate cuts may only be slightly smaller than that of Hassett, the difference between two and three times. 2) When the appearance is better, between the market and Trump, in the middle of Walsh Station, Hassett is close to Trump. If Walsh can go on, people will naturally not worry about independence. Of course, this does not mean that Trump has already confirmed the nomination of Walsh? Personally, I think it's Trump's routine: exclude Hassett and test the market (Trump purposely chooses to speak during the period of active trading in the session); Tacitly allowing Walsh to lead and observing asset reactions; Afterwards, other options will be released to allow the market to meet expectations. The final step is to announce one's confirmed candidate.