Core Viewpoint - The independence of the Reserve Bank of Australia (RBA) remains a guiding principle for monetary policy, as emphasized by RBA Governor Philip Lowe [1] Group 1 - The RBA's independence is crucial for maintaining credibility and effective monetary policy [1] - Lowe highlighted that the central bank's decisions should be free from political influence to ensure economic stability [1] - The RBA continues to focus on its primary objective of achieving inflation targets and supporting employment [1]

很有意思，央行的独立性这个相对比较学术的话题，现在成为国际金融圈讨论的焦点，7月18日，G20 财长和央行行长在南非举行会议，本次会议罕见意见一致地表示，"各国央行坚定致力于确保价格稳 定，履行各自的使命，并将继续根据数据调整政策。央行的独立性对于实现这一目标至关重要。" 在笔者看来，这是特朗普"欺负老实人"太过分了，别人实在看不过眼了。财政部部长和央行行长站在了 鲍威尔一边，明确支持各国央行根据各自职责强力确保价格稳定，并将继续以数据为导向调整政策。 其实不仅仅是央行行长们支持鲍威尔，市场的交易者也用真金白银进行了投票：7月16日，一则关于特 朗普解雇鲍威尔的传闻，在短短一小时内就引发了市场主要资产的剧烈波动，为投资者提供了一次罕见 的"压力测试"，清晰预演了当美联储独立性受到政治干预时可能引发的金融冲击。 冉学东 金融市场动荡超出预想，不到一小时后，特朗普否认了这一可能性，称还不打算解雇鲍威尔，但仍暗 示"正当理由"可行。市场又随即扭转此前趋势，复归于平静。 今年特朗普上台以来多次因美联储保持按兵不动而攻击鲍威尔，公开称他为"蠢货"，声称美国没有高通 胀，要求大幅降息，本周甚至暗示可能因联储总部装修项目处 ...

Group 1 - The core focus of the G20 meeting was the independence of central banks, which was strongly emphasized in the joint communiqué, highlighting its importance for maintaining price stability [1][2][3] - The communiqué acknowledged the global economic uncertainties stemming from ongoing geopolitical tensions and trade conflicts, stressing the need for enhanced multilateral cooperation [1][4] - The G20 members collectively supported the idea of addressing the debt vulnerabilities of middle and low-income countries in a predictable and coordinated manner [5] Group 2 - The communiqué did not directly mention "tariffs," but the impact of trade tensions was evident throughout the document, reflecting the significant changes in global trade rules due to U.S. tariff policies [4] - The International Monetary Fund (IMF) revised its global growth forecast for 2025 down from 3.3% to 2.8% due to these trade tensions, indicating a cautious outlook on economic stability [4] - The G20 reaffirmed the importance of the World Trade Organization (WTO) in advancing trade issues while acknowledging the need for meaningful reforms [4][5]

Core Viewpoint - The article discusses the complex dynamics between President Trump and Federal Reserve Chairman Jerome Powell, highlighting Trump's public criticism of Powell while refraining from dismissing him due to legal and political constraints [1][2][15]. Group 1: Trump's Criticism of Powell - Trump has openly criticized Powell, calling him names and expressing dissatisfaction with the Federal Reserve's high interest rates, which he believes are detrimental to the economy [1][3]. - The President's main grievance revolves around the high interest rates, which he argues increase government debt servicing costs significantly, especially with the national debt at $36 trillion [3][7]. - Trump's recent focus on the Federal Reserve's $2.5 billion renovation project is seen as an attempt to create a narrative against Powell, labeling it as wasteful spending [10][11]. Group 2: Legal and Political Constraints - The Federal Reserve operates under strict legal protections, making it difficult for Trump to dismiss Powell without substantial legal justification [1][2]. - Republican figures, including House Financial Services Committee Chairman Hill, have cautioned Trump against attempting to remove Powell, warning of potential legal repercussions and damage to the Fed's independence [2]. - Trump's political maneuvering is complicated by the need to maintain a stable economic environment, as any instability could backfire on his administration [13][15]. Group 3: Economic Implications - The article emphasizes the tension between Trump's push for lower interest rates and the Federal Reserve's mandate to control inflation, which remains above the target [3][5]. - Trump's tax cuts, while aimed at stimulating the economy, have contributed to rising inflation and increased fiscal pressure, complicating the Fed's decision-making [5][15]. - The ongoing debate over interest rates and fiscal policy reflects deeper issues within the U.S. economic governance, highlighting the risks of political interference in monetary policy [15][16].

Group 1 - The G20 finance ministers and central bank governors meeting emphasized the importance of maintaining central bank independence and strengthening multilateral cooperation [1][2] - The joint communiqué highlighted the challenges facing the global economy, including geopolitical conflicts, trade tensions, supply chain disruptions, high debt levels, and extreme weather [1] - The meeting agreed on implementing growth-oriented macroeconomic policies, enhancing fiscal resilience, and encouraging investment and productivity reforms to consolidate long-term growth potential [1] Group 2 - Progress was made on debt restructuring, multilateral development bank (MDB) financing expansion, cross-border payment efficiency, global minimum corporate tax, infrastructure financing, and sustainable finance [2] - Member countries confirmed the voluntary allocation of over $100 billion in Special Drawing Rights (SDR) or equivalent resources to assist countries in need [2] - The communiqué reiterated cooperation in areas such as climate, health, and the digital economy, promoting research and practice between public and private sectors in carbon market data models and cross-border infrastructure [2]

Group 1 - The G20 finance ministers and central bank governors reached a rare consensus emphasizing the importance of central bank independence for maintaining price stability, collectively supporting Federal Reserve Chairman Jerome Powell amid ongoing trade tensions and political pressures from President Trump [1][3] - The G20 communiqué acknowledged the global economy faces uncertainties due to "ongoing war conflicts, geopolitical and trade tensions," highlighting the importance of strengthening multilateral cooperation [1][4] - The communiqué did not directly mention "tariffs," but the impact of trade tensions was a recurring theme, with the U.S. imposing significant tariffs on various imports, reshaping global trade rules [4] Group 2 - The independence of central banks was a focal point of the G20 meeting, with South African central bank governor Kganyago stating that this issue was strongly reflected in the discussions [2] - The communiqué reiterated the importance of the World Trade Organization (WTO) in advancing trade issues while acknowledging that the WTO faces challenges requiring meaningful and comprehensive reforms [5] - Despite differences, the G20 reached consensus on several issues, including addressing the debt vulnerabilities of low- and middle-income countries and the impact of extreme weather events on economic growth and financial stability [6]

日本财务省官员：二十国集团（G20）对央行独立性的支持态度是有意义的。 ...

Core Viewpoint - The independence of central banks, particularly the European Central Bank (ECB) and the Federal Reserve, is under scrutiny, with potential global implications for monetary policy and economic stability [1] Group 1 - ECB Governing Council member Nagel emphasizes that the independence of central banks should not be taken lightly [1] - Challenges to the independence of the Federal Reserve could have far-reaching effects on global financial markets and economic conditions [1]

德国央行行长内格尔：不应该与央行独立性开玩笑。 ...

Core Viewpoint - All Federal Reserve officials emphasize the importance of central bank independence [1] Group 1 - The statement reflects a unified stance among Federal Reserve officials regarding the significance of maintaining the autonomy of the central bank [1]