#美国消费者物价指数发布在即 The Power Dynamics of the Federal Reserve Are Changing: The Next Chair Must Use the "Strongest Argument" to Assert Authority

Recently, Federal Reserve Vice Chair Lael Brainard made remarks that sparked deep reflection in the market—no matter who takes the helm of the Fed, they can only rely on strength; the power they hold is far less influential than imagined.

This is not casual career advice. A quick look at the records makes it clear: during Chair Powell’s unprecedented rate hike campaign in 2023, the FOMC’s voting records showed multiple "unanimous votes." Seemingly solid, but Brainard’s comments reveal a hidden truth—the authority of the Chair is being eroded by "collective decision-making." Historically, it has been extremely rare for a Chair to vote against the majority (for example, Yellen in 2017), and such an act signals internal divisions. Brainard is essentially drawing a line for her successor: your power does not come from the position itself, but from your persuasive ability.

Behind this lies a harsh reality. The Fed’s internal divide between doves and hawks is like a chasm, and in the face of inflation, employment, and growth—this "trilemma"—every decision affects global capital markets’ nerves. Brainard’s emphasis on the "one-vote power" issue is a warning: in the future, there will no longer be a situation where the Chair’s word is final; fierce debates will become routine.

The next Chair must cultivate themselves into a "top debater" and "consensus builder"—using data to crush opponents and logic to outvote the other 11 members. Otherwise, the policy authority will be significantly diminished. $ETH Such risks will further increase the volatility of risk assets.

Is the global capital ready? A Fed that relies on "the strongest backing" to push policies means rate decisions could become more unpredictable and prone to reversal. This not only changes the game rules in the US but also acts as a sword hanging over the world economy.

What are your thoughts? Will a Fed Chair whose power is "dismantled" become a stabilizing force for the market, or the trigger for a new wave of volatility? Who has the skill to unify the 12 voices of the Fed with just "one mouth"? Share your opinions in the comments!