On January 29th at 3:00 AM, the Federal Reserve's FOMC meeting took place, with interest rate decisions taking a backseat to the political battle over the Fed's independence.

Old Powell made his first public appearance after receiving a subpoena from the Department of Justice. On one side is the need to stabilize monetary policy, and on the other is pressure from the White House to cut rates. The yellow-haired nominee for the new chairmanship also remains a focal point. The market generally expects interest rates to stay unchanged at 3.5%-3.75%. The new voting lineup of the FOMC shows divided opinions, and economic data also supports a pause in rate cuts.

Current political struggles have already triggered market volatility, with US Treasuries being sold off, the dollar hitting a four-year low, and gold reaching a historic high of 5311. Bitcoin has not replicated gold's rally and still exhibits high-beta risk characteristics, with liquidity tightening keeping it around 89,000. The outcome of this meeting will reshape the future financial landscape, with gold and cryptocurrencies both heavily influenced by Old Powell's statements.