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第一财经·2025-07-18 09:08

Core Viewpoint - The article discusses the ongoing pressure from the Trump administration on Federal Reserve Chairman Jerome Powell, highlighting concerns about the independence of the Federal Reserve and its implications for the financial markets and the economy [1][2]. Group 1: Pressure on Federal Reserve - The Trump administration has initiated a formal process to select the next Federal Reserve Chairman, with Treasury Secretary Mnuchin indicating that this will proceed at Trump's pace [2] - There are speculations about whether Trump will seek to dismiss Powell before his term ends, although Trump has stated it is "unlikely" unless there are issues of fraud [2][6] - The independence of the Federal Reserve is crucial for maintaining market stability, as emphasized by the CEOs of major Wall Street banks [3][4]. Group 2: Wall Street's Response - Jamie Dimon, CEO of JPMorgan Chase, was the first major financial institution leader to publicly defend the independence of the Federal Reserve, warning that political pressure could have negative consequences [3] - Other CEOs from Goldman Sachs, Bank of America, and Citigroup echoed similar sentiments, stressing the importance of the Fed's independence for the U.S. economy and global financial markets [4]. Group 3: Historical Context and Implications - The concept of central bank independence dates back to the 1951 Treasury-Fed Accord, which allowed the Fed to set interest rates without political pressure [6] - Historical attempts by politicians to influence the Fed, such as Nixon's pressure on Chairman Burns, resulted in severe economic consequences, including runaway inflation [6]. - Even if Powell were to be removed as Chairman, his term as a board member would continue until January 2028, limiting Trump's ability to fully replace him [6]. Group 4: Federal Reserve's Decision-Making Structure - The Federal Open Market Committee (FOMC) is responsible for monetary policy decisions, and currently, only two members support immediate rate cuts, indicating a lack of consensus [7]. - Powell's ability to build consensus within the FOMC is noted as a significant strength, which is essential for effective leadership [7].