Kevin Walsh has officially succeeded Powell as the Chairman of the Federal Reserve, The market's response was not very optimistic. One reason is that Powell does not intend to relinquish a seat on the Federal Reserve board, Trump has not fully grasped the control over interest rate cuts and water releases. Another reason is that Walsh is actually a hardcore hawkish at heart. During his tenure as a member of the Federal Reserve Board from 2006 to 2011, Walsh was the top opponent of the second round of quantitative easing initiated by Bernanke. Walsh publicly warned: "Using money printing to solve structural economic problems is like using usury to repay card debt, which will eventually lead to an uncontrollable inflation asset foam." In 2011, he chose to submit his resignation to protest the excessive release of water by the Federal Reserve. Walsh's philosophy tends to suggest that if the market eventually falls, it is better to let it continue its free fall, as the saying goes, allowing the market to clear itself. If Walsh were to follow Trump's advice and cut interest rates crazily, I think it's also a relatively low probability. Walsh's wife is Jane Lauder, the legendary top core heir of the Est é e Lauder family, belonging to the shadow network of old money and multinational conglomerates at the top of the United States. Since the beginning of Trump's term, the core of the economy has been high tariffs, localization, and anti globalization. However, the family interests and class behind Walsh are completely characterized by "free trade and global capital flow", and there is a great possibility of tearing apart the future of the two power peaks. Trump chose Walsh also because Jane Lauder's uncle was a long-term political patron of Trump, and theoretically Walsh would never have destroyed the Great Wall in order to please the populist line of the White House. Once Trump's tariff policy hits the interests of the world's wealthy, Walsh will not hesitate to use monetary policy to put the brakes on the White House.