2025年宏观经济专题：美联储主席换届交易指南（附下载）

Group 1 - The Federal Reserve plays a crucial role in the U.S. and global economy, with monetary policy implementation being its key tool for economic influence [1][2] - The Federal Reserve System consists of three main entities: the Board of Governors, 12 regional Federal Reserve Banks, and the Federal Open Market Committee (FOMC), which is responsible for formulating monetary policy [2][5] - The Federal Reserve's primary objectives are maximum employment and price stability, and it operates independently while being accountable to Congress [2][13] Group 2 - The FOMC is the core institution responsible for determining monetary policy, with its main mission being to achieve maximum employment and price stability [7][8] - FOMC decisions require a voting process, with 12 voting members including 7 Board Governors and the New York Fed President, while other regional Fed Presidents participate in discussions [8][11] - The decision-making process involves analyzing economic conditions, discussing policy options, and publishing economic forecasts and policy intentions after meetings [11][12] Group 3 - The current composition of the Federal Reserve Board may allow for greater influence from former President Trump, as he could potentially nominate multiple members by 2026 [14][15] - The selection of a new Federal Reserve Chair by Trump would require candidates to demonstrate loyalty, management capability, and market trust [16][17] - The potential for changes in regional Federal Reserve Bank leadership could also be influenced by Trump's administration, particularly with upcoming expirations of terms [15]