美联储宣布，不降息！鲍威尔是在提醒特朗普一个残酷事实，总统可以换，推特可以删，但是美联储的权威性不受质疑

Core Viewpoint - The Federal Reserve's decision to maintain interest rates amidst political pressure and investigations reflects its commitment to independence, which has significant implications for market reactions, particularly in gold prices [3][5][9]. Group 1: Federal Reserve's Decision - The Federal Reserve voted 10 to 2 to keep the federal funds rate target range at 3.5% to 3.75%, marking the first pause after three consecutive rate cuts in the second half of 2025 [3]. - Jerome Powell emphasized the robustness of economic expansion, despite a slowdown in non-farm employment growth and a stable unemployment rate of 4.4% [3][5]. Group 2: Political Pressure and Investigations - The U.S. Department of Justice issued a grand jury subpoena to investigate Powell regarding a $2.5 billion renovation project at the Fed's headquarters, raising concerns about potential false testimony [5]. - Powell's public statements indicate a strong defense of the Fed's independence, rejecting claims that the investigations are legitimate and asserting that rate decisions should not cater to presidential preferences [5][7]. Group 3: Market Reactions - Following the Fed's announcement, gold prices surged past $5,300 per ounce, reaching a high of $5,359.1, with a daily increase exceeding 5%, while silver jumped to over $115.83 per ounce, nearly a 10% rise [7][9]. - The rise in gold prices is interpreted as a reaction to fears regarding the stability of the U.S. dollar and the potential loss of the Fed's independence [9][14]. Group 4: Future Implications - Concerns are growing about the future of the Fed's independence, especially with potential successors to Powell who may not uphold the same standards under political pressure [11][13]. - The current interest rate level is seen as precarious, particularly with looming tariff risks that could undermine previous anti-inflation efforts [11].