司法部主张，该禁令"与总统行使其第二条宪法权力相抵触"。美国宪法第二条将行政权授予总统。 特朗普政府在动议中敦促华盛顿的上诉法院在9月15日办公时间结束前做出裁决。这一时间点颇为紧 迫，因为美联储的政策制定机构——联邦公开市场委员会（FOMC）将于次日（9月16日）开始为期两 天的议息会议。 作为回应，Cook对特朗普提起诉讼，以阻止解雇。她的律师辩称，解雇决定基于"未经证实的指控"， 并指出这只是一个"借口"，其真实目的是为了让特朗普实现由自己任命的理事在美联-储理事会中占多 数的目标。 在美联储即将做出关键利率决策的前夕，特朗普政府正通过法律途径，加速其罢免美联储理事Lisa Cook的行动。 根据周四提交的法庭文件，美国司法部已要求一家联邦上诉法院介入，暂停下级法院此前发布的一项禁 令。该禁令暂时阻止了特朗普解雇Cook。 在文件中，美国司法部称下级法院法官Jia Cobb此前发布的临时禁令是"非同寻常的"，并认为该裁决存 在"一系列法律错误"，应当在上诉期间予以暂停。 这场风波始于上个月，当时特朗普总统采取行动解雇Lisa Cook。此举的公开理由是，联邦住房主管Bill Pulte指控Cook涉嫌抵 ...

Core Viewpoint - The independence of the Federal Reserve's monetary policy is emphasized, stating it should not be influenced by political forces, including President Trump's [1]. Group 1 - Kevin Hassett, a key economic advisor, asserts the necessity for the Federal Reserve's monetary policy to remain completely independent [1]. - Hassett is considered a strong contender for the next Federal Reserve chair position [1]. - President Trump has reportedly narrowed down the list of candidates for the Federal Reserve chair to three individuals, including Hassett [1].

Group 1 - The gold sector experienced fluctuations on September 4, with gold ETFs down by 0.16% and gold stock ETFs down by 3.04% [1] - A weakening dollar provides long-term support for gold, with a significant possibility of interest rate cuts by the Federal Reserve in September [3] - Historically, gold has risen in 7 out of 10 interest rate cut cycles since 1980, reinforcing its status as a safe-haven asset and a hedge against inflation [3] Group 2 - President Trump’s unprecedented dismissal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud has raised concerns about the independence of the Fed's monetary policy [3][4] - This event is seen as a challenge to the constitutional order and could lead to market volatility and fears of uncontrolled inflation [3][4] - Trump's team is reportedly drafting a plan to increase White House intervention in the Fed, potentially undermining its policy independence [4] Group 3 - The potential appointment of three Fed governors aligned with Trump's views could create a majority on the board, fundamentally impacting future monetary policy [4] - Global geopolitical tensions and economic uncertainties have enhanced the investment value of gold, with London gold reaching a new high for the year [4] - Continuous monitoring of gold ETFs (518800) and gold stock ETFs (517400) is recommended [4]

Group 1 - Dow futures decreased by 0.02%, while S&P 500 futures increased by 0.15% and Nasdaq futures rose by 0.21% [1] - Tesla's Shanghai Gigafactory delivered its first batch of Model Y L and long-range Model 3 vehicles, with Tesla shares rising by 1.37% [1] - Salesforce reported Q2 earnings and revenue exceeding expectations, but Q3 revenue guidance fell short, leading to a 6.65% drop in its stock [2] Group 2 - Google was fined €325 million (approximately $381 million) by French authorities for improper ad display practices, resulting in a 0.55% decline in its stock [2] - Bank of America downgraded Figma's target price from $85 to $69 due to valuation concerns, causing Figma's stock to drop by 15.31% [2] - JPMorgan Chase announced plans to launch a digital retail bank in Germany in Q2 2026, following its UK launch in 2021, with a slight decrease of 0.06% in its stock [3] Group 3 - ConocoPhillips announced a global workforce reduction of 20% to 25% as part of a restructuring effort, with most layoffs expected to occur by 2025 [3] - Stephen Milan, nominated by President Trump for the Federal Reserve Board, emphasized the importance of maintaining the independence of monetary policy during his upcoming Senate hearing [3] - The market anticipates a 96.6% probability of a rate cut by the Federal Reserve in September [3]

库克于周四起诉特朗普，称特朗普对其抵押贷款欺诈的指控未经证实，且即使指控属实，相关行为也 发生在她获得参议院确认之前，这并没有赋予总统罢免她的法律权力。在这起诉讼中，美联储主席鲍 威尔及美联储理事会也被列为被告，旨在阻止他们执行特朗普对库克的罢免决定。 2025.08. 30 本文字数：1233，阅读时长大约3分钟 作者 | 第一财 经 樊志菁 当地时间29日上午10点，美联储理事库克起诉美国总统特朗普将其解职一案的首场听证会举行。库 克请求法院签发初步禁令阻止解职，允许其在法院审查案件期间继续履行美联储理事职责。 首场听证会进行了约两个小时，华盛顿特区地方法院法官贾·科布（Jia Cobb）没有作出任何裁决。 法官表示，她预计周二可以获得更多相关法律文件。 外界预计，这场听证会是一场旷日持久的法律斗争的第一步，并可能最终诉诸美国最高法院解决。 本周一，美国总统特朗普在社交媒体上发表公开信，宣布解雇美联储理事库克，立即生效。在致库克 的公开信中，特朗普援引联邦住房金融局局长普尔特（William J. Pulte）于2025年8月15日向美国 司法部部长邦迪（Pamela Bondi）提交的刑事指控，并称"有 ...

Core Viewpoint - The legal battle surrounding the dismissal of Federal Reserve Governor Cook by President Trump is expected to be prolonged, potentially reaching the Supreme Court for resolution [1][2]. Group 1: Legal Proceedings - The first hearing for Cook's lawsuit against Trump took place on the morning of the 29th, lasting approximately two hours, with no immediate ruling from Judge Jia Cobb [1]. - Cook's lawsuit claims that Trump's allegations of mortgage fraud are unsubstantiated and that even if true, they occurred before her Senate confirmation, which does not grant Trump the legal authority to dismiss her [2]. - Trump's legal team argues that any allegations of mortgage fraud are sufficient grounds for dismissing a Federal Reserve Governor, asserting that protecting Fed members from dismissal violates the President's constitutional powers [2]. Group 2: Implications for the Federal Reserve - If Cook is dismissed, it would allow Trump to nominate a fourth member to the Federal Reserve's seven-member board, potentially giving him a critical majority [3]. - Concerns regarding the independence of the Federal Reserve in monetary policy formulation could have ripple effects on the global economy, as evidenced by a nearly 0.8% drop in the dollar's exchange rate against other major currencies following Trump's announcement [2]. - The Federal Reserve expressed no position on the lawsuit but hopes for a swift resolution to eliminate existing uncertainties [3].

Core Viewpoint - The US dollar index has shown a decline in August after a strong performance in July, as investors prepare for a weakening US economy and potential interest rate cuts by the Federal Reserve [1][4]. Group 1: Dollar Performance - The Bloomberg Dollar Spot Index has decreased by 1.6% in August, reversing the 2.7% increase recorded in July, which was the best monthly performance since January 2025 [1]. - Analysts expect the dollar to continue its downward trend for the remainder of the year, potentially declining by 8% overall, reflecting a "bear market-like" trajectory [4]. Group 2: Impact of Government Actions - Recent actions by the US government are expected to have a long-term negative impact on the dollar's status as a safe-haven investment, with risk premiums likely to weigh heavily on it [5]. - The independence of the Federal Reserve's monetary policy is being threatened by the Trump administration, further diminishing the attractiveness of the dollar and US assets [4][5]. Group 3: Federal Reserve and Interest Rate Expectations - There is a high probability (80%) that the Federal Reserve will announce interest rate cuts as early as September 17, with market expectations for a total of 125 basis points of cuts by September 2026 [8]. - The anticipation of stronger rate cuts is contributing to the decline in US Treasury yields and the dollar index, with expectations of continued weakness in the dollar [8]. Group 4: Investor Behavior and Market Sentiment - Market sentiment is shifting towards increased hedging against US assets, with international investors raising their foreign exchange hedge ratios due to rising policy uncertainty [9]. - If the hedge ratios return to normal levels, potential dollar sell-off could amount to approximately $1 trillion, indicating significant pressure on the dollar [9].

Core Viewpoint - The removal of Federal Reserve board member Cook by President Trump raises concerns about the independence of the Federal Reserve in monetary policy [2] Group 1: Federal Reserve Independence - Trump's actions are perceived as a threat to the Federal Reserve's independence, particularly in monetary policy decisions [2] - Cook claims that her removal from the Federal Reserve board is illegal, highlighting potential legal and governance issues [2] Group 2: Monetary Policy Pressure - President Trump has been pressuring the Federal Reserve to lower interest rates, which has been met with resistance from Chairman Powell due to inflation concerns related to tariff policies [2] - Powell's cautious stance on interest rate cuts at the recent Jackson Hole central bank conference indicates a complex dynamic between the administration and the Federal Reserve [2] Group 3: Future Implications - If Trump continues to exert control over the Federal Reserve, a significant depreciation of the dollar and substantial reductions in the federal funds rate are likely outcomes [2] - The potential for excessive dollar supply could lead to volatility in both U.S. and global capital markets, reminiscent of pre-2008 financial crisis conditions [2]

Core Viewpoint - The article discusses the increasing political pressure on the Federal Reserve, particularly from Treasury Secretary Scott Besant and President Trump, who are advocating for interest rate cuts and criticizing the Fed's current monetary policy [1]. Group 1: Political Pressure on the Federal Reserve - Treasury Secretary Scott Besant publicly calls for a "series of rate cuts" [1] - President Trump intensifies criticism of Fed Chairman Jerome Powell, claiming that the current monetary policy is detrimental to economic growth [1] - There are suggestions from the government to potentially initiate legal action regarding the Fed's headquarters renovation, further increasing pressure on the central bank [1] Group 2: Market Implications - Analysts believe that such political interference could undermine the Fed's independence and market credibility, raising concerns about policy being influenced by non-economic factors [1] - This situation may lead to additional downward pressure on the dollar exchange rate if it continues to escalate [1] Group 3: Dollar Index Movement - The dollar index was reported at 98.43, with a 0.15% increase, opening at 98.28 [1] - The dollar index faced resistance below 98.35 and found support above 97.90, indicating a potential for upward movement after a short-term decline [1] - If the dollar index stabilizes above 98.00 today, the upward target for the future could be between 98.45 and 98.55 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This month, precious metal prices showed overall strength. COMEX gold prices rose 3.29% to $3,482.7 per ounce, and SHFE gold prices rose 1.84% to 787.8 yuan per gram. COMEX silver prices rose 3.63% to $38.53 per ounce, and SHFE silver prices rose 2.63% to 9,278 yuan per kilogram [11]. - The confirmation of the new voting member of the Fed has further impacted its monetary policy independence. Trump appointed Stephen Milan as a Fed governor, and the probability of current Fed governor Waller becoming the new Fed chair has increased. Trump has criticized Powell for not cutting interest rates [11]. - Economic data indicates a weakening US economy. The non - farm payroll data in July was significantly lower than expected, and economic data in August has also turned weak. After the release of non - farm data, Fed voting members' monetary policy stances have turned dovish [11]. - The market has increased its expectations for the Fed's subsequent loose monetary policy. It is recommended to buy on dips in precious metal strategies. The reference operating range for SHFE gold is 777 - 801 yuan per gram, and for SHFE silver is 9,081 - 9,520 yuan per kilogram [11]. 3. Summaries According to Relevant Catalogs 3.1 Monthly Assessment and Market Outlook - **Price Performance**: COMEX gold prices rose 3.29% to $3,482.7 per ounce, SHFE gold prices rose 1.84% to 787.8 yuan per gram. COMEX silver prices rose 3.63% to $38.53 per ounce, SHFE silver prices rose 2.63% to 9,278 yuan per kilogram [11]. - **Fed Independence**: Trump's appointment of Milan and the potential appointment of Waller have affected the Fed's independence, increasing pressure for interest rate cuts [11]. - **Economic Data**: US non - farm payroll data in July was weak, and economic data in August has also deteriorated. Fed voting members have turned dovish [11]. - **Market Expectations**: The market expects the Fed to implement further loose monetary policies. Precious metal strategies suggest buying on dips, with reference ranges for SHFE gold at 777 - 801 yuan per gram and SHFE silver at 9,081 - 9,520 yuan per kilogram [11]. 3.2 Market Review - **Price and Index**: The US dollar index and related precious metal prices are presented in graphs. Precious metal prices showed overall strength this month, with gold and silver prices rising [29]. - **Position Performance**: Gold positions were strong, with COMEX gold total positions rising 1.74% to 445,300 lots and SHFE gold total positions rising 12.87% to 441,900 lots. Silver positions were weaker, with COMEX silver total positions rising 4.13% to 170,300 lots and SHFE silver total positions falling 18.06% to 784,200 lots [31][34]. - **Net Long Positions**: As of July 29, COMEX gold management fund net long positions decreased by 25,678 lots to 134,300 lots, and COMEX silver management fund net positions decreased by 990 lots to 43,000 lots [36]. - **ETF Positions**: Gold and silver ETF total positions continued to rise, with gold ETF total positions at 2,167.1 tons and silver ETF total positions at 27,434.8 tons as of August 7 [39]. 3.3 Interest Rates and Liquidity - **Yield Curve**: Graphs show the US 10 - year and 2 - year Treasury yield spreads and short - term Treasury yields [50]. - **Inflation Expectations**: Graphs present the US federal funds rate, overnight reverse repurchase rate, 10 - year nominal and real interest rates, and inflation expectations [52]. - **Fed Balance Sheet**: The Fed's balance sheet monthly changes are detailed, and this month, the Treasury TGA account balance increased, deposit reserve scale decreased, and US dollar liquidity tightened [54][57]. 3.4 Macroeconomic Data - **CPI & PCE**: US CPI in June was 2.7% year - on - year, in line with expectations and higher than the previous value. Core CPI was 2.9% year - on - year, lower than expected [62]. - **Employment**: The number of initial jobless claims in the week ending August 2 was 226,000, higher than expected [65]. - **PMI & PPI**: US ISM manufacturing PMI in July was 48, below the boom - bust line and lower than expected. ISM non - manufacturing PMI was 50.1, also lower than expected [68]. - **New Home Data**: US new home starts in June were 1.321 million units, higher than expected, and building permits were 1.397 million units, also higher than expected [71]. 3.5 Precious Metal Spreads - **Base Spreads**: Graphs show gold and silver TD - SHFE base spreads, as well as gold and silver internal and external spreads [74][76][79]. 3.6 Precious Metal Inventories - **Silver Inventories**: Graphs show silver inventories from various sources, including Shanghai Gold Exchange, Shanghai Futures Exchange, COMEX, and LBMA [87][89][90]. - **Gold Inventories**: Graphs show COMEX and LBMA gold inventories [91].