美联储，一声惊雷

Group 1 - The unprecedented dismissal of a Federal Reserve governor by the President indicates a significant fracture in the Federal Reserve's institutional integrity [2] - Market reactions include a decline in the dollar due to concerns over the Fed's independence, while U.S. stocks saw a slight increase as expectations for a rate cut in September rose from 84% to 87% [2] - The market's response is characterized as cautious, with investors hesitant to make bold moves due to the lack of historical precedent for such an event [2][5] Group 2 - Medium-term risks are underestimated, with potential increases in U.S. Treasury yields due to credit risk premiums not yet being fully priced in by the market [3] - Long-term implications suggest structural damage to the dollar's creditworthiness, as the Fed's independence has been a cornerstone of the global financial order since the 1990s [4] Group 3 - The market is currently in a wait-and-see mode regarding the outcome of the court ruling between Cook and Trump, which could either maintain the Fed's independence or lead to a significant market downturn [5] - The report highlights a broader analysis of global markets, including insights on the Chinese stock market and various asset classes, indicating a comprehensive approach to market evaluation [6][7][8]