美联储摊上大事：110多年来历届总统不敢做的事，特朗普真就做了

Core Viewpoint - The article discusses the ongoing power struggle between President Trump and the Federal Reserve, highlighting Trump's attempts to influence monetary policy through personnel changes and direct challenges to the Fed's independence [1][4][10]. Group 1: Federal Reserve Independence - The Federal Reserve has been designed as an independent institution since its establishment in 1913, with a 14-year term for governors to prevent direct presidential interference in monetary policy [1]. - Trump's actions, including the nomination of Stephen Milan and the attempt to remove Lisa Cook, challenge the long-standing tradition of presidential non-interference in the Fed's operations [4][10]. Group 2: Personnel Changes and Policy Impact - Trump nominated Stephen Milan, who supports low interest rates, to fill a vacancy on the Fed's board, leading to a rate cut of 50 basis points to 4.75%-5.00% in response to slowing job growth [3]. - Despite Trump's efforts, Lisa Cook remained on the board after a court ruling, indicating that the Fed's operations were not significantly impacted by these personnel changes [6][11]. Group 3: Economic Implications - Following the Fed's interest rate cuts, borrowing costs in the U.S. decreased, stimulating consumer spending but raising concerns about potential inflation [8]. - The Fed's policy adjustments, including further rate cuts to 3.50%-3.75%, have influenced global capital flows, benefiting emerging markets like China [6][8]. Group 4: Legal and Constitutional Context - Trump's attempts to remove Cook were met with legal challenges, emphasizing the limitations of presidential power over the Fed as established by the Federal Reserve Reform Act of 1977 [10]. - The ongoing legal battle over Cook's position serves as a case study in the constraints of presidential authority regarding the Fed's governance [10].