拿到美联储理事会“多数席位”，特朗普可以做什么？

Core Viewpoint - Deutsche Bank indicates that if Trump successfully gains control of the FOMC majority, it could lead to more aggressive monetary easing policies and the ability to bypass FOMC decisions through technical means [1]. Group 1: Control of the Federal Reserve Board - The Trump administration is seeking to control the majority of the Federal Reserve Board by dismissing Governor Cook, which could provide powerful tools to enforce monetary easing policies [1][2]. - With the resignation of Governor Kuttner, Trump has gained increasing support for easing policies within the committee [1]. - The appointment of a dovish candidate to replace Kuttner is expected to add another voice advocating for easing in upcoming policy debates [1]. Group 2: Internal Pressure for Easing - The Federal Reserve Board could have four stable dovish votes, constituting a majority among the seven board seats, which would significantly increase internal pressure for faster and larger rate cuts [3]. - A board with a majority would have a stronger collective voice, potentially constraining Fed Chair Powell and other cautious members, even amid high inflation data [3]. Group 3: Bypassing FOMC Decisions - The majority on the board could directly influence the Interest Rate on Reserve Balances (IORB), which is a key tool that the board controls, allowing for unilateral actions to lower rates [4][5]. - Historically, the board has aligned IORB with FOMC targets, but this is a convention rather than a legal requirement, allowing for potential deviations [4]. Group 4: Restructuring the FOMC - The board's majority also holds the long-term power to reshape the FOMC voting member composition by approving or denying the reappointment of regional Fed presidents every five years [6][7]. - A board seeking aggressive easing could use this power to eliminate hawkish voices from the FOMC, thereby paving the way for long-term easing policies [7].