If Trump officially announced Hassett as the next chairman of the Federal Reserve in the near future, the Federal Reserve will enter a special state from the moment of the announcement until the end of Powell's term: Powell is in the helm nominally, and the policy is expected to gradually re price according to Hassett's trajectory. The market will consider this period as a "shadow chair" phase, similar to the transition period from Bernanke to Yellen in 2013 or Yellen to Powell in 2017, but with a greater impact than both because the two chairs have significant differences in policy philosophy. This dual track structure will have three clear impacts on the economy: expected impact, market impact, and policy implementation impact. The first type of impact comes from expectations. The policy of the Federal Reserve has never relied solely on the chairman, but on the market's expectations of the policy path. When the market believes that the next chairman will be supply side, interest rate cut side, low regulation side, and highly aligned with the White House, it is equivalent to anchoring the policy trend for 2026 in advance. The market will not wait for a change of leadership to reprice, but will reshuffle bonds, stocks, dollars, and financing costs from the moment of announcement. The financial conditions in the United States may ease prematurely while nominal interest rates remain unchanged, which in itself will change the financing decisions, capital expenditure pace, and consumption behavior of businesses. The second type of impact comes from market pricing. The 10-year US Treasury bond will not wait until next year to respond to the interest rate cut path, it will lower the long-term risk premium ahead of schedule. For the stock market, especially technology AI、 The most direct result of blue chip stocks in the market is an increase in valuation support. Due to market expectations that the Federal Reserve will lean towards low interest rates and avoid sudden tightening in the next two years, liquidity risk will decrease, corporate financing plans will be easier to implement, discount rates for capital intensive enterprises will decrease, and stock market risk premiums will decrease. But this positive effect will be partially offset, because if the market believes that excessive policy easing in the future may lead to a resurgence of inflation in 2026, then there will be a contradictory structure in long-term interest rates: a short-term decline, but maintaining some upward pressure in the medium term. The third type of impact is the "vacuum zone" generated by policy implementation itself. Powell's term is not yet complete, and he still needs to nominally defend the independence of the Federal Reserve and the credibility of its anti inflation measures. He cannot let the market mistakenly believe that the Federal Reserve has compromised with politics before he leaves office. But at the same time, once the next chairman is confirmed, various factions within the FOMC will refer to the policy preferences of the new chairman for layout, especially those who lean towards the middle and dovish factions will approach in advance to avoid policy jumps after the election. This means that from the announcement to the change of leadership, the Federal Reserve's policy will present a state of 'hard won't go on, and won't get harder', similar to a cautious transition of stagnation. This is not ideal for managing inflation, so the market may instead believe that the rate of inflation decline will further slow down. The real impact of this dual track state on the economy is mixed. On the one hand, companies will start capital expenditure plans in advance because financing costs are expected to decline, regulatory costs are expected to decrease, tax expectations are expected to decrease, the company's long-term discount rate is expected to decrease, and investment return models are improved. Especially in capital intensive industries such as AI, semiconductors, cloud computing, and energy infrastructure, projects will shift from "wait-and-see" to "pushing forward". On the other hand, the household sector will increase their willingness to borrow due to expectations of lower future interest rates, but in the short term, housing and car loans will not immediately become cheaper, so the stimulus from the consumer side will lag behind. More importantly, this' shadow presidency 'may lead to two coexisting forces in the overall policy outlook: short-term easing expectations driving growth, and medium-term inflation expectations leading to hedging of long-term interest rates against the policy path. In other words, economic activity will become more dynamic, but the interest rate structure may become more unstable. Finally, there will also be an early response to foreign exchange and global capital flows. The US dollar will not immediately weaken like a real interest rate cut cycle, because the supply side approach also means that the United States will strengthen capital attraction, tax cuts, and deregulation, and the profitability of American companies will increase. Therefore, the market will interpret "interest rate cuts" as beneficial for growth rather than harmful to the US dollar, which may lead to an abnormal strength of the US dollar. Emerging markets may face pressure as capital flows back to the United States from heavily regulated and high tax areas, and high interest margins may not be attractive enough. To sum up, if Trump announces Hassett in advance, the coexistence of Powell and Hassett will not cause policy confusion, but will cause the "directional advance" of policy expectations. This is not a double headed eagle structure, because Wall Street only recognizes the future one. It will lead the economy into a psychological state of supply side expansion ahead of schedule, encourage businesses to spend ahead of schedule, benefit the technology industry ahead of schedule, and allow financial conditions to naturally relax without formal interest rate cuts. But at the same time, it will also cause the market to start repricing the inflation path for the next two years, making long-term interest rates somewhat wary of such loose expectations.