If understanding Trump's attitude towards the Federal Reserve solely as targeting Powell himself, then that would be too superficial.

Since taking office, this president's every move has been a multi-layered strategic combination:

The establishment of the Department of Government Efficiency not only cut costs but also paved the way for subsequent tariff policies by creating expectations of fiscal tightening. The tariff policy itself can both increase federal revenue and achieve multiple goals amid trade frictions. The BTC strategic reserve appears to fulfill campaign promises, but it also signals crypto friendliness—this is a plus for the Web3 industry’s tax revenue and stablecoin ecosystem development, indirectly boosting demand for US Treasuries.

From a broader perspective, changes in the Venezuela situation could impact the global oil and gas supply landscape, thereby affecting oil prices and inflation expectations, which in turn constrain the Fed’s room to cut interest rates. These measures are interconnected, forming a complex policy network.

Investigations into Powell follow the same logic. Success is a warning to others; failure can still shake the tree to scare the monkeys. Considering Powell was nominated by Trump himself, and with strong expectations of rate cuts, his cautious stance naturally puts pressure on him. This also signals to the incoming Fed Chair and serves as a warning to other Fed officials.

In the short term, these measures collectively point toward urging the Fed to cut rates. But whether there will actually be rate cuts in the first half of the year remains to be seen. The second half is relatively more promising, but given Trump’s ability to guide market expectations, excessive optimism could backfire.

The crypto market plays an interesting role amid these macro policy changes. BTC reserve policies, stablecoin ecosystems, dollar liquidity expectations—all directly or indirectly influence the performance of digital assets. Of course, the actual trajectory depends on subsequent policy implementation and market reactions.