券商中国·2025-06-28 08:19Core Viewpoint - The article discusses President Trump's criticism of Federal Reserve Chairman Jerome Powell and the implications of potential changes in leadership on the independence of the Federal Reserve and the financial markets [1][3][5]. Group 1: Trump's Criticism and Potential Changes - Trump expressed a desire for Powell to resign and indicated he would appoint a successor who favors interest rate cuts, labeling Powell as "stupid" and "stubborn" [3][5]. - Concerns were raised by former Federal Reserve officials and economists about the potential for increased market uncertainty if Trump were to dominate U.S. monetary policy [3][4]. - The article highlights that typically, a president waits until the end of the current chairman's term to announce a successor, but Trump may act sooner than usual, potentially in September or October [5][7]. Group 2: Treasury Secretary's Comments - U.S. Treasury Secretary Mnuchin attempted to alleviate concerns regarding the independence of the Federal Reserve, stating that there is no serious discussion about a "shadow Fed chairman" [2][6]. - Mnuchin mentioned that the next Fed chairman could be announced in October or November, with Powell's term ending in May of the following year [7]. Group 3: Federal Reserve Stress Test Results - The latest stress tests indicated that major U.S. banks can withstand severe economic downturns, maintaining sufficient capital to absorb losses amounting to billions [2][8]. - The stress test simulated scenarios including an 8% GDP decline, a 10% unemployment rate, and a 50% drop in the stock market, with banks collectively able to absorb over $550 billion in losses [8][9]. - Following the stress test results, bank stocks saw significant gains, with major institutions like JPMorgan and Goldman Sachs experiencing increases in their stock prices [2][8].