[CITIC Securities: Waller May Succeed as Fed Chair, Potentially Sparking Independence Controversy] CITIC Securities' research report pointed out that U.S. President Trump is in the process of selecting the next Federal Reserve Chair, with the main candidates being Waller and Hassett. The report analyzes that Trump may weigh a balance between 'most suitable' and 'most obedient' during the selection process. Although market data currently shows Hassett in the lead, Trump's trust in Waller may ultimately lead to his victory. If Waller takes over, the Federal Reserve's independence may face challenges, which could benefit U.S. dollar assets and negatively impact gold, while the market may lower its expectations for a rate cut in 2026. If Hassett wins, the market may revisit concerns over the Federal Reserve's independence, putting pressure on U.S. dollar assets, benefiting gold, and raising expectations for a rate cut next year.