公开撕裂，美联储将“换帅”，特朗普发现不妙，中国大幅抛售美债

Group 1 - The upcoming leadership change at the Federal Reserve is facing unprecedented challenges, particularly due to Trump's aggressive stance against Chairman Powell amid a significant reduction in China's holdings of U.S. Treasury bonds [1][5] - Trump's attacks on Powell have escalated from verbal criticism to judicial pressure, with Trump labeling Powell as either incompetent or corrupt, indicating a desire for Powell's resignation [1][3] - The internal division within Trump's team regarding the approach to the Federal Reserve is evident, with Treasury Secretary Mnuchin warning that such actions could lead to market volatility and disrupt the leadership transition [3][5] Group 2 - Powell has firmly responded to the judicial investigation, emphasizing that it represents a pressure on the independence of the Federal Reserve, raising concerns about whether monetary policy will be dictated by economic data or political intimidation [3][5] - The Senate's Republican members have expressed that they will not support any successor to Powell until the judicial investigation concludes, delaying Trump's personnel plans [3][5] - Historically, direct presidential intervention in the Federal Reserve's independent operations is rare, and Trump's actions could undermine the credibility of the Federal Reserve and the global financial system's trust in the U.S. dollar [5][7] Group 3 - China's significant reduction in U.S. Treasury holdings, now at $688.7 billion, has implications for the U.S. bond market, potentially increasing yields and financing costs, which could pressure the U.S. economy and dollar stability [5][7] - The situation reflects Trump's political ambitions and highlights the conflict between political power and economic rules, raising questions about the future of his leadership change plan and its impact on global capital markets [7]