KVB PRIME:美联储应与财政部合作以降低借贷成本

Core Viewpoint - Kevin Warsh, a former Federal Reserve governor, calls for comprehensive reform of the Federal Reserve's operations and suggests forming a policy alliance with the Treasury Department, which has garnered significant attention in financial and political circles [1][3]. Group 1: Credibility Issues - Warsh emphasizes the need for "mechanism reform" in policy execution, indicating a deep-seated concern regarding the current Federal Reserve's credibility, which is essential for effective monetary policy and financial stability [3]. - He directly challenges the current Federal Reserve officials, suggesting that the credibility issue stems from their actions, which poses a public challenge to the leadership of the Federal Reserve [3][5]. Group 2: Potential Leadership Changes - Warsh is considered a strong candidate for the next Federal Reserve chair, aligning closely with President Trump's demand for lower interest rates to stimulate economic growth, which enhances his standing in Trump's eyes [4]. - If Warsh were to assume leadership, a fundamental shift in the Federal Reserve's operational style could occur, potentially leading to conflicts with existing members who uphold traditional decision-making processes [4][6]. Group 3: Political Implications - Trump's dissatisfaction with current chair Jerome Powell is evident, as he has repeatedly called for Powell's resignation, indicating a desire for a shift in the Federal Reserve's policy direction [5]. - Warsh's potential appointment could fulfill Trump's economic agenda, allowing him to demonstrate control over economic policy while possibly stimulating investment and consumption through lower interest rates [5]. Group 4: Risks of Policy Alliance - Establishing a policy alliance between the Federal Reserve and the Treasury could enhance short-term policy coordination but risks undermining the Federal Reserve's independence, which is crucial for maintaining price stability and preventing inflation [6]. - Internal conflicts between Warsh and existing Federal Reserve members could hinder decision-making efficiency and policy coherence, leading to delays in responding to complex economic conditions and increasing market uncertainty [6].