With Estée Lauder's son-in-law at the helm of the Federal Reserve, what happens when the interests of a powerful family clash with monetary policy—who has the final say?

Before Kevin Warsh even took office as Chairman of the Federal Reserve, global markets had already crashed. What unsettled the market was not the plunge itself, but Warsh himself, the "Estée Lauder's son-in-law".

From a hawk to a dove, he advocated a "dual-track policy": cutting interest rates to stimulate the economy on one hand, and shrinking the balance sheet to tighten liquidity on the other. Standard Chartered described it as "pressing the accelerator and the brake at the same time." He also canceled forward guidance, plunging the market into an information black hole.

When the White House demands interest rate cuts, Wall Street demands quantitative tightening, and his wealthy family needs currency stability, who will Warsh choose? Can he truly formulate monetary policy independently?

As the old Wall Street saying goes, "When the Federal Reserve Chairman starts to compromise, the market starts to crash."

We shall wait and see how this high-stakes gamble ends.