白宫侵蚀美联储独立性 华尔街警告“动摇市场基石”

Core Viewpoint - The ongoing conflict between President Trump and Federal Reserve Chairman Jerome Powell highlights a fundamental disagreement over monetary policy, with Trump frequently criticizing Powell for not implementing aggressive interest rate cuts [5][10]. Group 1: Conflict Dynamics - Trump has publicly criticized Powell over ten times since April, labeling him with derogatory terms and expressing dissatisfaction with the Fed's monetary policy decisions [2][5]. - The relationship between Trump and Powell has deteriorated since Powell's refusal to comply with the White House's requests for rapid interest rate cuts, which has led to Trump's perception of the Fed's independence as a form of "disobedience" [5][6]. Group 2: Legal and Institutional Challenges - Although Trump has considered removing Powell, legal ambiguities exist regarding the president's authority to dismiss the Fed Chairman, as recent Supreme Court rulings suggest that Fed governors enjoy special protections from presidential dismissal [7][10]. - Powell's term as Chairman is set to last until May 2026, but the White House continues to exert pressure on him despite the legal challenges [8][10]. Group 3: Market Reactions and Economic Context - Trump's threats to dismiss Powell have historically led to significant volatility in U.S. financial markets, with the dollar index reportedly down approximately 10% this year [10]. - Major financial institutions, including JPMorgan and Citigroup, have publicly emphasized the importance of the Fed's independence for market confidence, warning that undermining this independence could destabilize the financial system [10][11]. - The current economic landscape in the U.S. is characterized by high tariffs, high interest rates, high debt, and low growth, indicating that even if the Fed were to lower rates, it would not resolve the underlying structural issues facing the economy [10][11].