Let's talk about the respective views of the two candidates for the Federal Reserve After Trump's latest statement yesterday, former Federal Reserve Governor Kevin Warsh and White House Economic Advisor Kevin Hassett became the two most closely watched individuals. Let's talk about Warsh first. He is a typical 'old school central banker' with one core focus: inflation and central bank discipline. He has repeatedly publicly criticized the Federal Reserve for expanding its balance sheet too aggressively and stimulating too much in the past few years, believing that inflation is not a natural disaster, but the result of policy choices. In his view, the Federal Reserve should return to its primary role, not just focus on everything, and certainly not provide long-term financial support. So if Warsh takes over, the market generally expects that interest rate cuts will be more cautious, slower paced, more data-driven, and emphasize price stability and institutional constraints. For him, maintaining currency credibility is more important than short-term economic stimulus. Looking at Hassett, who was nominated by Wang yesterday, the art style is completely different. He is a core member of Trump's economic team and has a more direct stance: there is room for interest rate cuts now, and they should be done as soon as possible. Hassett has expressed similar views multiple times, believing that the current level of interest rates is a burden on the economy, and loose policies contribute to growth and employment. Although he also emphasizes "respecting the independence of the Federal Reserve," the market generally believes that if he takes the helm, the Fed will clearly lean towards a more dovish direction. Simply put, Hassett is more like a "growth first type": Cutting interest rates is faster and more friendly to risk assets, but it is also more likely to bring inflation and US dollar pressure. Putting them together makes it very clear: Warsh: biased towards eagles, heavy on rules, heavy on inflation, heavy on long-term credit Hassett: biased towards pigeons, emphasizing growth, stimulus, and short-term economic performance Choosing Warsh is stable; Choosing Hassett means pine. I will know who will take up the post next year. I hope it's someone who understands the king