Recently, news regarding personnel changes in the Federal Reserve Board has attracted market attention. According to reports, Trump has nominated Stephen Milan to temporarily fill the vacant position on the Federal Reserve Board until the term ends in January next year. Although Milan has previously criticized the Federal Reserve's interest rate cut policy and called for comprehensive reforms of the institution, Francesco Pesole, an economist at ING, believes that this personnel change will have a relatively limited impact on the exchange rate of the dollar.

In fact, the dollar only experienced a slight decline after the announcement. Analysts pointed out that this may be because the market simultaneously focused on another potential significant personnel change: current Federal Reserve Board member Waller is seen as a top candidate to succeed current Chairman Powell. Compared to other possible candidates, Waller holds a relatively moderate stance on interest rate cuts, which somewhat balances the impact that the Milan nomination may bring.

It is worth noting that the Federal Reserve's decisions are often influenced by multiple factors, and a single personnel change is usually insufficient to significantly alter its policy direction. Market participants need to take into account economic data, the global financial environment, and the overall policy orientation of the Federal Reserve, and should not overinterpret short-term personnel changes.

As the challenges faced by the US economy become increasingly complex, the decisions of the Federal Reserve will continue to be closely monitored by global investors. Whether it is interest rate policies or regulatory directions, they may have a profound impact on the financial markets. In this context, understanding the decision-making mechanisms of the Federal Reserve and the changes in its personnel composition is of significant importance for grasping the trends of the US economy and even the global economy.