一夜惊魂！一场闹剧，一地鸡毛

Core Viewpoint - The article discusses the volatile reaction of global financial markets to President Trump's comments about potentially firing Federal Reserve Chairman Jerome Powell, highlighting the fragility of market sentiment and the implications for monetary policy independence [1][7]. Market Reaction - On July 16, the announcement from White House officials about Trump's possible dismissal of Powell led to a sharp decline in U.S. stock indices, with the Dow, Nasdaq, and S&P 500 all dropping significantly [4]. - Conversely, gold prices surged to $3,377 per ounce, marking a 1.64% increase and reaching a recent high, as investors reacted to the uncertainty surrounding the Federal Reserve's leadership [6]. Trump's Statements - Following the market turmoil, Trump clarified on July 17 that he had no immediate plans to fire Powell unless there was evidence of fraud, which caused a rapid recovery in the stock market and a decrease in gold prices [6][12]. Historical Context - The tension between Trump and Powell dates back to Trump's return to the White House, where he has consistently pressured the Fed to lower interest rates to support his economic policies [9]. - Powell has resisted these pressures, maintaining the Fed's independence and not altering the benchmark interest rate since December [10]. Legal and Institutional Implications - The potential firing of a Federal Reserve Chairman would be unprecedented in U.S. history, as the Fed's independence is considered crucial for economic stability [10][13]. - Trump's justification for a potential dismissal, citing a $2.5 billion renovation cost of the Fed's headquarters, has been criticized as unfounded since the project was initiated during the Biden administration [11]. Economic Concerns - The backdrop of this political drama includes rising inflation, with the core Consumer Price Index (CPI) reaching 2.9%, the highest since February, largely attributed to Trump's tariff policies [12]. - Economists warn that if new tariffs are implemented, the average tariff rate could rise to 21%, potentially leading to uncontrollable inflation [12]. Conclusion - The article concludes that while the immediate crisis has been averted with Trump's retraction, the underlying issues regarding the Fed's independence, market confidence in the dollar, and the economic pressures from tariffs and inflation remain unresolved [13][14].