Group 1 - The core conflict between President Trump and Federal Reserve Chairman Powell is intensifying, with Trump considering appointing a "shadow chairman" to pressure the Fed into lowering interest rates [1][2] - Trump has publicly stated that the federal funds rate should be reduced by 300 basis points, indicating his strong stance on the need for rate cuts due to low inflation [1] - Rob Subbaraman from Nomura suggests that if inflation rises in the next three months, it will be difficult for Trump to challenge Powell, as a shadow chairman could still influence market perceptions regarding future rate cuts [1] Group 2 - Despite Trump's negative attitude towards the Fed, Subbaraman believes that the Fed's policies are difficult to influence due to its strong institutional framework and safeguards [2] - Any appointment made by Trump would require Senate approval, and monetary policy decisions are not solely determined by the Fed Chairman but involve the Federal Open Market Committee (FOMC) with 19 members [2] - There are risks associated with a potential new chairman aligned with Trump's views after Powell's departure, which could undermine the Fed's independence and negatively impact the U.S. economy and markets [2]
21对话｜野村全球宏观研究主管：特朗普炮轰美联储影响几何？
Sou Hu Cai Jing·2025-07-22 14:29