Trump's side denied having instructed the Department of Justice to issue a subpoena to Powell. This incident may reflect certain political considerations, but from a market perspective, more attention should be paid to Powell's own tenure schedule—he has only half a year left before stepping down. What does this time window imply? In the short term, policy adjustment space is limited.

A rate cut in January is basically no suspense, with a very low probability. The real variables in the market are in March and June. By those months, Powell will no longer be in control, and the policy orientation of the new chair will become a decisive factor. This period of power transition often comes with policy uncertainty—both an opportunity and a risk. crypto asset allocators need to prepare in advance for this turning point.