“天不怕地不怕”的特朗普，这回栽了！治他的竟还是自己人！

Core Viewpoint - The article discusses the conflict between former President Trump and Federal Reserve Chairman Jerome Powell, highlighting how Trump's attempts to pressure the Fed for interest rate cuts backfired due to the independence of the Fed and support from Wall Street and some Republican lawmakers [1][3][17]. Group 1: Economic Context - By the second half of 2025, the U.S. economy is expected to decline, with manufacturing recovery being elusive, factory orders decreasing, and rising mortgage rates leading to a sluggish real estate market [3]. - Trump's anxiety about the upcoming 2026 midterm elections is driven by these negative economic signals, as he believes economic performance directly influences voter turnout [6]. Group 2: Federal Reserve's Stance - Powell publicly stated that the inflation target has not been met and that interest rate policies must remain unchanged unless there is clear evidence of inflation decline, effectively rejecting Trump's requests [5]. - The Fed's independence is emphasized, with Powell asserting that monetary policy will not be altered due to political pressure [9][11]. Group 3: Political Dynamics - Trump's strategy to pressure Powell included initiating a Justice Department investigation into the Fed's renovation expenses, which was seen as an attempt to exert administrative pressure [9]. - Despite Trump's expectations of support from the Republican Party, several moderate Republican lawmakers publicly backed the Fed's independence, isolating Trump politically [14]. Group 4: Institutional Framework - The independence of the Federal Reserve is a fundamental aspect of the U.S. financial system, as outlined in the Federal Reserve Act, which limits presidential power over monetary policy [17][19]. - Historical context shows that the Fed's independence is crucial to prevent short-term political influences on monetary policy, which could lead to inflation and market volatility [19].