The Federal Reserve's policy independence becomes the focus again: Can economic data serve as the final fortress for decision-making?

【BlockBeats】The independence of the Federal Reserve has recently become a hot topic in the market. During the 2026 Global Strategy Conference held on January 12, Jan Hatzius, Chief Economist of a well-known investment bank, frankly stated that concerns about the impact on central bank independence are intensifying, and the latest turmoil has further reinforced this uneasy sentiment.

His view is straightforward: despite various pressures, Fed Chair Powell’s policy decisions during his term will still be data-driven. In other words, whether to raise or cut interest rates ultimately depends on economic data, and will not be swayed by external pressure.

This statement is highly significant for market participants. The Fed’s policy direction directly influences global asset allocation—from traditional finance to crypto markets, all are affected. If the Fed can truly maintain policy independence, it at least provides market participants with reassurance, implying that policies will be relatively predictable. Conversely, if independence is weakened, uncertainty will sharply increase, and market volatility will expand accordingly.

The key question is: can economic fundamentals truly dominate policy decisions? This will determine the performance of the US dollar, interest rate trends, and consequently, the performance of global risk assets, including crypto assets, in the coming period.