中方抛美债后，特朗普开始报复，美联储主席或换人，一个时代终结

Group 1 - The core conflict is between President Trump and Federal Reserve Chairman Jerome Powell, highlighting a significant clash over monetary policy and its implications for the U.S. economy and global financial order [3][20][35] - Trump's public criticism of Powell has escalated, indicating a deepening rift that goes beyond personal grievances to encompass broader economic concerns, particularly regarding U.S. national debt and fiscal policy [5][11][20] - China's recent actions, including the sale of U.S. Treasury bonds, reflect a growing trend of "de-dollarization" among global central banks, which is influenced by the perceived erosion of the Federal Reserve's independence [8][28][32] Group 2 - The U.S. national debt has surpassed $38 trillion, with projections indicating it could approach $40 trillion soon, exacerbating fiscal challenges and increasing interest payments [11][14][16] - Trump's administration's tax policies have led to reduced revenue and increased trade deficits, creating a vicious cycle that necessitates aggressive monetary stimulus [16][20] - The Federal Reserve's cautious approach under Powell aims to maintain long-term stability and credibility of the dollar, contrasting with Trump's desire for immediate economic boosts through rate cuts [20][34] Group 3 - The ongoing tensions have led to a significant shift in global investment strategies, with countries like China and Japan reducing their holdings of U.S. debt and increasing gold reserves as a hedge against dollar depreciation [8][32] - The decline in the dollar's share of global foreign exchange reserves, now at 57.4%, signals a potential loss of confidence in U.S. fiscal management and monetary policy [9][30] - The political dynamics surrounding the Federal Reserve's independence are being challenged, raising concerns about the future of U.S. monetary policy and its implications for global investors [28][35]