21社论丨美元体系不确定性加剧，人民币国际化或迎新机遇

Group 1 - Federal Reserve Chairman Powell hinted at potential interest rate cuts in the coming months despite ongoing inflation risks, causing short-term market volatility [1] - The U.S. labor market appears deceptively stable, with a slowdown in labor participation and job demand contributing to a "peculiar balance" [1] - Concerns about stagflation arise as the market fears a combination of weak economic growth and high inflation, reminiscent of past economic conditions [2] Group 2 - The potential loss of Federal Reserve independence raises concerns about aggressive rate cuts, influenced by political pressures from the Trump administration [2] - The current economic environment may provide a window of opportunity for China and other emerging markets, as U.S. rate cuts could lower financing costs and enhance economic activity [3] - The uncertainty surrounding the U.S. dollar system may prompt a shift towards the internationalization of the renminbi, as global capital seeks safer assets [3]