百利好丨联储理事解职风波再起，金融市场暗流涌动

Core Viewpoint - The ongoing public disagreement between President Trump and Federal Reserve Chairman Powell regarding monetary policy has escalated, particularly with Trump's recent announcement to dismiss Fed Governor Lisa Cook, which he claims is effective immediately [1][3]. Group 1: Impact on Federal Reserve - Cook's response emphasizes that the President lacks the authority to unilaterally dismiss a Fed governor and plans to challenge this "illegal attempt" through legal means [3]. - Cook was appointed by Biden in 2022, with her term set to last until 2038, making this dismissal significant in terms of Fed governance [3]. - If Cook is ultimately removed, Trump could further influence the decision-making structure of the Federal Reserve, potentially leading to a majority of his appointees on the board [4]. Group 2: Market Reactions - The tensions between Trump and the Fed may increase selling pressure on U.S. Treasuries and contribute to a weaker dollar, although the dollar initially softened before recovering after Trump's announcement [3]. - The bond market showed mixed reactions, with short-term yields generally declining while long-term yields slightly increased, as evidenced by a 0.78 basis point drop in the 10-year Treasury yield to 4.261% and a 3.56 basis point rise in the 30-year yield to 4.920% [3]. - The stock market remained relatively stable, with all three major indices recording gains, partly due to expectations of a potential interest rate cut by the Fed, as Powell indicated that a weak labor market could alleviate inflationary pressures [3]. Group 3: Long-term Implications - While loose monetary policy may provide short-term support for the stock market, there are warnings that a loss of central bank independence could lead to turmoil in the bond market and increased overall financial uncertainty [4].