中方抛美债后，特朗普急了，美联储主席或提前换人，一个时代告终

Core Viewpoint - The recent actions of China in selling U.S. Treasury bonds and the subsequent response from the Trump administration highlight a potential shift in the dominance of the U.S. dollar, raising concerns about the stability of U.S. debt and the independence of the Federal Reserve [1][3]. Group 1: China's Actions - In September, China sold $500 million in U.S. Treasury bonds, bringing its total sales since 2022 to nearly $300 billion, while still holding over $700 billion in U.S. debt [3]. - This strategic adjustment reflects China's ongoing assessment of the risks associated with U.S. Treasury bonds, as global investors express concerns about the ability of the U.S. to meet its debt obligations [3]. Group 2: Trump Administration's Response - The Trump administration has directed criticism towards Federal Reserve Chairman Jerome Powell, labeling him as "incompetent" and threatening to dismiss him, which undermines the traditional independence of the Federal Reserve [5][7]. - Trump has indicated intentions to appoint a successor to Powell before the end of his term, suggesting a shift in monetary policy direction that aligns with his economic agenda [5][7]. Group 3: Implications for U.S. Dollar and Financial Markets - The pressure from the Trump administration on the Federal Reserve could destabilize the U.S. debt market and lead to higher borrowing costs for the government, as countries like China reduce their holdings of U.S. debt [7][9]. - If Powell is replaced by a more compliant figure, it may result in looser monetary policies that could exacerbate inflation and further erode the international credibility of the U.S. dollar [9][10]. - The historical precedent of political interference in monetary policy raises alarms about the potential for a significant decline in the U.S. dollar's global standing, reminiscent of past economic crises [10].