#数字资产市场动态 The Federal Reserve's "Dark Chess" and Trump's Power Struggle—Why Is the Market Falling into Repeated Tug-of-War?

Yesterday's economic data release sparked some intriguing market reactions. On the surface, the "moderate growth" news seemed positive, but it actually exposed the real dilemma faced by the Federal Reserve.

**The Hidden Meaning Behind Trump's "No Plans" Statement**

Publicly stating no change in Powell, yet turning around to name two potential successors—former Board Member Wosh and former White House official Hasset. This isn't a retreat; it's clearly a prelude for the future. Once the political winds shift, the Fed's independence could be significantly compromised. The market is a bit confused now because no one can predict what will happen next year.

**The "Real Version" of the Economic Data**

The Beige Book reports that eight regions are experiencing moderate growth, but a closer look reveals that consumer spending is mainly driven by holiday shopping, employment data is barely stable, and the key issue is that prices continue to rise. PPI data remains strong, and inflationary pressures have never truly eased. The Fed is now caught in the middle—trying to prevent a recession while controlling inflation, leaving policy space increasingly narrow.

**Why Is the Market More Anxious?**

First, the uncertainty of political games. Today's concessions don't guarantee stability tomorrow; new leadership could turn the Fed into a "tool for targeted rate cuts."

Second, contradictions within the economic data itself. Growth is being sustained artificially, and inflation remains unrestrained—this combination is most disliked by the market.

Third, the Department of Justice investigation is ongoing, and global central banks are closely watching the Fed's moves. This power struggle is far from over.

**What Comes Next?**

In the short term, any "positive news" could trigger bullish chasing, only to be slapped down. The conflicting data and political battles will continue, and the real turning point depends on how CPI inflation data and non-farm employment figures develop. The performance of assets like $BTC, $ETH, and $DASH actually reflects market expectations of these hard data.

The key question is: Can Powell hold steady until the end of his term? If a new leader takes over, will they really initiate a crazy rate-cutting cycle? This is the core factor that will determine the next market trend.