市场冷眼看待特朗普“清洗”美联储，可能与五个原因有关！

Core Viewpoint - The market's muted reaction to President Trump's unprecedented dismissal of a Federal Reserve governor indicates a lack of heightened concern, despite the significant challenge to the independence of the central bank [1] Group 1: Market Pricing and Reactions - The event has already been priced into the market, as Trump's previous criticisms of the Federal Reserve and his desire for lower interest rates were well-known [2] - Trump is expected to control the Federal Reserve Board by May next year, having already appointed three governors, which diminishes the immediate impact of the dismissal [3] - Lisa Cook, the dismissed governor, asserts that Trump lacks legal grounds for her termination, potentially leading to a legal battle that could either reinforce or challenge the limits of presidential power [4] Group 2: Implications for Federal Reserve Leadership - The focus on Cook may alleviate pressure on Fed Chair Jerome Powell, who has been a target of Trump's criticism, as the market's attention shifts [5] - Current appointees to the Federal Reserve do not appear to be mere "yes men" for Trump, as their actions suggest a more nuanced approach to monetary policy [6] Group 3: Potential Risks and Market Behavior - Investors may consider strategies such as betting on short-term interest rate declines while anticipating rising long-term bond yields, reflecting concerns over the Federal Reserve's independence [7] - The market's calmness may stem from a belief that Trump will retract extreme measures in response to market sell-offs, although this assumption relies on the premise that significant market reactions will deter reckless actions [10]