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Core Viewpoint - Trump is pressuring the Federal Reserve to lower interest rates to counteract the inflation caused by his tariff policies, while the Fed maintains its independence and focuses on combating inflation [3][4][5]. Group 1: Economic Policies and Impacts - Trump's insistence on lowering interest rates is primarily driven by the negative impact of his tariff policies, which have increased import costs and led to input inflation [3]. - The Federal Reserve has kept the federal funds rate target range at 4.25% to 4.5% for the third consecutive time, indicating a cautious approach to monetary policy amid economic uncertainties [1][5]. - The Consumer Price Index (CPI) in April increased by 2.3% year-on-year, which is below the market expectation of 2.4%, suggesting that the impact of tariffs has not yet fully manifested in economic data [5]. Group 2: Federal Reserve's Independence - The Federal Reserve is designed to be insulated from political fluctuations to maintain long-term economic stability, and it has stated that it will not yield to political pressure from Trump [4]. - The Fed's primary responsibilities include maintaining price stability and a healthy labor market, which are guided by economic indicators such as CPI and unemployment rates [4][5]. - The Fed's cautious stance is also influenced by historical lessons and the need to preserve policy space for potential future crises [5]. Group 3: Global Economic Dynamics - Despite the ongoing tensions, both the U.S. government and the Federal Reserve share a common goal of maintaining the dollar's strong position in the global financial system [7]. - There is a growing demand among Asian banks and brokers for currency derivatives that bypass the dollar, indicating a potential erosion of the dollar's dominance [8]. - The increasing interest in loans denominated in renminbi reflects a shift in global financial dynamics, as businesses seek alternatives to the dollar [8].