Picton Investments' management recently put forward an interesting point: if the Trump administration chooses a Federal Reserve Chair who is too easily influenced, the bond market will respond quickly. This actually reflects a core issue—the strength of market discipline. Once investors feel that the Federal Reserve could be overly influenced and lose its independence, bond prices will fall and yields will soar. This logic is also very relevant to the cryptocurrency market, as the Fed's policy direction directly impacts the performance of risk assets overall. In simple terms, market oversight is more effective than any rhetoric.