贝森特“敲打”美联储：要有“人民性”，QE仅限紧急时刻，首次点名适度长期利率 (附本森特文章全文）

Core Viewpoint - The independence of the Federal Reserve is derived from public trust, and it must recommit to maintaining the confidence of the American people. The focus should be on three statutory responsibilities: maximum employment, price stability, and moderate long-term interest rates [1][2][14]. Group 1: Critique of Current Policies - The use of unconventional monetary policies since the 2008 financial crisis is described as a dangerous "functional gain" experiment, threatening the independence of the Federal Reserve [2][10]. - The overuse of unconventional policies and the expansion of functions have led to a concentration of wealth among asset owners, exacerbating inequality [4][12]. - The Federal Reserve's actions have created a perception that monetary policy is being used to accommodate fiscal needs, undermining its independence [7][13]. Group 2: Recommendations for the Federal Reserve - The Federal Reserve should return to its narrow statutory mission and reduce economic distortions, focusing on maximum employment, price stability, and moderate long-term interest rates [8][14]. - Unconventional policies like quantitative easing (QE) should only be used in "true emergencies" and in coordination with other government departments [2][8][14]. - A comprehensive, independent, and nonpartisan review of the Federal Reserve's monetary policy, regulation, communication, personnel, and research is necessary [8][13]. Group 3: Market Implications - The statements made by the Treasury Secretary are seen as a precursor to a significant shift in U.S. monetary policy, potentially paving the way for financial repression policies such as QE or yield curve control (YCC) [3][9]. - If such policies are implemented, they could lead to a weaker dollar and benefit commodities like gold, silver, and copper, as well as markets like A-shares and Hong Kong stocks [3][9].