特朗普加码施压鲍威尔与美联储，华尔街“抛售美国”交易卷土重来

Core Viewpoint - Investors are resuming the "Sell America" strategy in response to the Trump administration's criminal investigation into Federal Reserve Chairman Jerome Powell, leading to significant reductions in U.S. stocks, bonds, and dollar assets [1][6]. Market Reactions - U.S. stock markets experienced slight declines, with the Dow Jones Industrial Average down 159 points (0.32%), the S&P 500 down 0.14%, and the Nasdaq Composite down 0.1% [1][6]. - The U.S. dollar weakened against other major currencies, with the dollar index falling 0.35% [2][7]. - U.S. Treasury prices also saw a slight drop, with the 10-year Treasury yield rising to just below 4.2%, nearing a one-month high [2][7]. - The Chicago Board Options Exchange Volatility Index (VIX), known as the "Wall Street Fear Index," increased by 6%, while safe-haven assets like gold rose significantly, with gold futures up 3% to over $4600 per ounce and silver soaring 8% [2][7]. Federal Reserve Independence - The independence of the Federal Reserve is viewed as a cornerstone of the U.S. financial market's unique advantages, with investors and economists believing that an independent central bank is crucial for market stability [2][8]. - The Trump administration's previous public challenges to the Fed's independence, particularly regarding interest rate cuts, have raised concerns about potential investor panic if inflation is not adequately managed [3][8]. - If confidence in the Fed's independence erodes, it could lead to a weaker dollar, higher long-term Treasury yields, and increased global market volatility, countering the administration's stated goals [3][8]. Historical Context - The current market behavior resembles the "Sell America" trend from spring 2025, where investor concerns over Trump's trade policies led to significant asset sell-offs, resulting in a near bear market for U.S. stocks [3][8]. - The market is currently in a risk-off mode, with expectations that the momentum of these sell-offs may intensify and persist into 2026, focusing on the risks to the Fed's independence [9][10]. Investor Sentiment - Investors have become accustomed to Trump's pressure on the Fed, and there is currently no immediate risk of Powell being removed from his position, as he has committed to maintaining previous policy stances [9][10]. - The recent developments may represent a significant event that could trigger larger trading actions, as indicated by market analysts [10].