Following Frank's discovery, let's talk about personal observations - Trump and Besson are trying their best to promote an actively managed monetary system similar to "yield curve control", and after fiscal expansion is implemented, they can pay attention to the "palace intrigue" of the Federal Reserve Since taking office, Trump and Beckett have been very eager for the Federal Reserve to comply with arrangements, but Powell has tried his best to maintain independence (RESPECT). But as the trend of fiscal expansion is re established, the next step is to turn the Federal Reserve's monetary policy from passive to active. Simply put, fiscal expansion requires the Federal Reserve to cut interest rates and expand its balance sheet to match and lower interest rates in order to be sustainable, otherwise long-term interest rates will become a constraint. In the current trend of fiscal deficit, it is necessary to increase the scale of financing while controlling the expansion of "interest expenses" as much as possible in the future. DOGE is out and fiscal expansion is restarted. The next important step for Trump and Besson is likely to be a "palace struggle" with the Federal Reserve, using it for their own purposes. Subsequently, the Treasury Department and the Federal Reserve will actively manage the yield curve. One of the main reasons why I stopped short selling and turned to cautious long trading before is also based on this, and I have observed the phenomenon of small cap stocks becoming harder and eth/btc hitting bottom in the secondary market mentioned by Frank. It is difficult for the current Federal Reserve to cut interest rates according to past logic (Powell is likely not to cut interest rates in 2025), but if Trump's desired fiscal expansion and consolidation of the Federal Reserve become a reality, an actively managed Federal Reserve will emerge - the Federal Reserve under Trump's control is highly likely to cut interest rates, end balance sheet contraction (or even expand) to complement fiscal policy. This policy is beneficial for small cap stocks and the cryptocurrency market in the "short term" (but negative for gold in the long term) Anyway， The upcoming 'palace intrigue' with the Federal Reserve deserves the attention of financial investors ✍🏼