国泰海通｜宏观：美联储换主席：多大可能和影响

Core Viewpoint - The likelihood of Trump dismissing Powell is considered low due to the high difficulty, low reward, and significant risks involved. Trump is more likely to influence the Federal Reserve by announcing a successor in advance, but the impact on reshaping the Fed may be limited due to internal policy disagreements [1][3]. Group 1 - Trump's criticism of Powell reflects the spread of "fiscal anxiety," exacerbated by the passage of the "Big Beautiful Bill," which indicates a growing reliance on pro-cyclical deficits, leading to high debt issuance costs and declining long-term bond acceptance [1]. - Pressuring the Federal Reserve is viewed as a "damaging tactic" to address fiscal anxiety, which may have immediate effects but significant side effects, increasing the probability of a "triple whammy" scenario in the stock, bond, and currency markets if investors perceive threats to the Fed's independence and transparency [1]. - The recent stablecoin legislation aims to alleviate the Treasury's debt issuance pressure while stripping the Fed of its authority to issue digital currency, thereby creating a "shadow Fed" represented by stablecoin issuers, which expands the White House's control and regulatory scope over the money supply [1]. Group 2 - Historical experience shows that the credibility of the Federal Reserve in maintaining price stability is crucial. The case of Burns during Nixon's presidency illustrates the risks of political pressure leading to overly accommodative monetary policy, which can create long-term inflationary pressures [3]. - The loss of the Fed's independence and a "stop-and-go" approach to monetary policy could increase the risk of unanchored inflation expectations, making it costly to restore credibility once lost [3]. - The mechanisms designed to ensure the Fed's independence present three significant obstacles for Trump in achieving his rate cut goals [2][5].