The most dramatic reversal of the year happened at the highest levels of U.S. political and economic power.

Trump has frequently criticized Powell. From calling him a "loser" to "Mr. Too Late," he has criticized him relentlessly, with the sole goal of pushing interest rates down to 1% to "stimulate the economy." Everyone was waiting to see if the central bank would bow.

Then last night, when the U.S. Q3 GDP data was released, the room fell silent. An annualized growth of 4.3% directly slapped down all pessimistic expectations. Inflation also suddenly jumped from 2.1% to 2.8%. The economy didn't collapse; instead, it’s becoming a bit hot.

Look, if we really followed Trump’s aggressive rate-cutting approach, inflation would have already exploded, and the nightmare of stagflation would be unavoidable. Powell didn’t say much this time; he responded with the hardest data-based stance.

But behind this power struggle, deeper issues are surfacing.

When the top decision-makers of a country have such divergent understandings of the economic direction, and political battles are so fierce, how does the market price assets? When policy paths become unclear, financial volatility naturally increases. Whether it’s stablecoins like USDD or various asset allocations, in this environment, everyone needs to ask themselves: who can they trust?

We are experiencing a shift from a world of "rules to follow" to one "deeply influenced by power narratives." The traditional methods of judging based on central bank policy clarity and government fiscal stability are failing. Market participants must either adapt to this uncertainty or repeatedly stumble in the volatility.

This is not just an economic issue; it’s a matter of survival for participants.