2025.08. 30 本文字数：1232，阅读时长大约3分钟 作者 | 第一财经 葛唯尔 就在美联储理事库克诉美国总统特朗普的首场听证会召开前夕，前者再陷房产申报争议。 稍早前，库克已就特朗普将其解职一事向华盛顿特区联邦法院正式提起诉讼，并申请初步禁令，允许 其在案件审理期间继续履行美联储理事职责。 库克称，特朗普对其罢免的举动"非法"，且是对美联储独立性的极大攻击。 库克在诉状中称，特朗普此举的真正原因是"为了迅速罢免她，腾出一个（美联储理事）席位，并推 进他的议程，以破坏美联储的独立性。" 该案首场听证会将于当地时间29日上午10点举行。 第三起房产虚假申报？ 根据普尔特向美国司法部部长帕姆·邦迪递交的第二封刑事转介函，库克于2021年4月7日为其位于马 萨诸塞州剑桥市的公寓办理了一笔15年期抵押贷款，并将其申报为"第二居所"。 当地时间8月28日，美国联邦住房金融署署长普尔特（Bill Pulte）在社交媒体上发文称，库克在担 任美联储理事期间，在第三处房产贷款和政府申报中存在虚假陈述。 图源：社交媒体X 然而，仅8个月后，库克在向美国政府提交的一份道德规范表格中，却将该处房产列为"投资/出租房 产" ...

美国总统特朗普25日以涉嫌住房抵押贷款欺诈为由，解雇美联储理事莉萨·库克。28日，库克在美 国哥伦比亚特区地方法院对特朗普提起诉讼，称特朗普无权将她解职。 美国有线电视新闻网嘉宾：如果要指控某人，犯有房屋抵押贷款欺诈罪，那么司法部就应该要起诉 此人。通常来说，不应该大张旗鼓地公布调查的消息，但他们却公布了。目前司法部还没有立案，也没 有正式起诉库克，所以目前提出的解职理由是有问题的。但特朗普现在就立足于这一点。 法律学者认为，特朗普政府必须在法庭上证明库克确实存在抵押贷款欺诈行为，且其行为严重不 当。美联社指出，特朗普解雇库克可能会引发一场旷日持久的法律战，极可能进入最高法院审理。 同时，目前提出的所谓解职理由与库克本人的任职能力也并无直接关联。 解职理由与库克任职能力无直接关联 美国总统是否有权撤销美联储理事的职务？美联储作为美国央行的独立性是否会因此遭到冲击？ 撤销库克职务的决定，并不是特朗普一封信或者一句话就能执行和实现的。 上周，美国联邦住房金融署署长比尔·普尔特指认库克先后申报了两处房产为其"主要住宅"以获取 更优惠利率，并将此事提交至司法部，司法部称会就此进行调查。 美国有线电视新闻网评论说，仅凭 ...

一场总统与央行之争，点燃了黄金的上涨火焰 您是否曾想过，总统与中央银行之间的一场激烈争论，竟能让您家中珍藏的黄金首饰身价倍增？就在不 久前的交易日，国际金价如同一匹脱缰的野马，一举突破了每盎司3400美元的整数关口，刷新了近五周 来的最高纪录，单日涨幅更是高达0.83%。而这一切疯狂的背后，竟然隐藏着一场白宫与美联储之间权 力博弈的暗流涌动。美国总统特朗普试图罢免美联储理事库克，此举如同一颗重磅炸弹，瞬间点燃了市 场对美联储独立性遭受侵蚀的担忧。 金价飙升，白银随行，贵金属市场如火如荼 这场突如其来的政治风暴，在8月28日这一天，将现货黄金的价格强行推升，使其成功跨越了3400美元 的心理门槛，盘中最高触及每盎司3423.02美元，创下了自7月23日以来的一个多月来的新高。与此同 时，白银市场也毫不示弱，价格同样扶摇直上，攀升至一个多月以来的峰值。整个贵金属市场仿佛被点 燃的火箭，呈现出迅猛而强劲的上涨势头。 降息预期高涨，美元疲软推波助澜 市场的目光早已聚焦于美联储的货币政策动向，对降息的预期更是如同沸腾的开水。芝加哥商品交易所 的FedWatch工具数据显示，交易员们目前普遍预计，美联储在9月份的议息会议 ...

新华财经北京8月29日电美债收益率周五（29日）盘前多数上行，投资者等待一项关键的通胀指标，并关注特朗普总统试图解雇美联储 理事丽莎·库克的最新进展。 截至新华财经21:11发稿时，美债收益率多数上行，其中2年期美债收益率涨0.4BP至3.639%；10年期美债收益率上升2.5BPs至4.232%，30 年期美债收益率上升3.9BPs至4.911%。 据美国财政部8月27日数据，2年期与10年期美债收益率利差走阔至65BPs，为2025年4月23日以来最阔；2年期与30年期美债收益率利差 走阔至132BPs，为2022年1月以来最阔。 周五公布的主要经济数据将是7月份的个人消费支出价格指数，这是美联储青睐的通胀指标，将于上午公布。投资者将分析这些数据， 以更深入地了解关税对美国经济的影响。 接受道琼斯调查的经济学家预计，该数据将显示月度增长0.2%，同比增长2.6%。 美国商务部周四公布的第二次估计数据显示，今年4至6月，美国GDP折合成年率的增长率为3.3%，这比最初估计的3%有所上升。最新 的GDP估计显示，经济仍从第一季度0.5%的下降中大幅反弹。虽然第二季度的经济增长可以主要归功于贸易波动和消费者，但 ...

2025.08. 29 本文字数：2350，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 美国总统特朗普与美联储的大战，又在进一步升级。 多位接受第一财经记者采访的法律专家和业内学者表示，与此前对美联储主席鲍威尔的指控所不同的 是，此次在美联储理事库克（Lisa Cook）身上，特朗普及其盟友看起来找到了一些证据，且并非彻 底空穴来风。 就29日美联储理事库克诉美国总统特朗普的首场听证会召开前夕，美国联邦住房金融局局长普尔特 （Bill Pulte）再次甩出新证据，并向库克发出新的刑事指控，此举加大了特朗普政府就抵押贷款欺 诈指控对这位美联储理事的施压力度。 目前特朗普方面拿出的证据够硬核么？库克是否能够保住职位？ 英国杜伦大学法学院副院长、跨国法教授兼全球政策研究所联合主任杜明教授对第一财经记者表 示，"谁主张，谁举证"。此次，"特朗普政府方面举证。"杜明表示，"因故（for course）"这类条 款是否可以设立，有赖于评估证据的真实性和有效性。 美联储理事库克（来源：第一财经） 此前特朗普在25日以涉嫌住房抵押贷款欺诈为由解除库克职务。 值得注意的是，特朗普提名的美国联邦住房金融局（FHFA）局长普尔 ...

Market Overview - The US dollar index experienced fluctuations this week, initially rising before declining due to President Trump's dismissal of Fed Governor Cook, raising concerns about the Fed's independence and interest rate cuts [1] - Spot gold benefited from the uncertainty surrounding the Fed and French politics, returning above the $3400 mark, potentially marking a second consecutive week of gains [1] - International oil prices are expected to rise for the second consecutive week, influenced by ExxonMobil's potential return to Russian projects and the diminishing likelihood of a meeting between Russian and Ukrainian leaders [1] - Bitcoin saw a significant drop below $110,000, likely marking a second consecutive week of losses, while Ethereum outperformed with a 17% increase over the past 30 days [1] Investment Bank Insights - Morgan Stanley predicts the Fed will cut rates by 25 basis points in March, June, September, and December 2026, targeting a final rate range of 2.75%-3.0% [4] - Deutsche Bank highlights risks to the dollar's structure due to rising US debt and concerns over the Fed's independence [4] - UBS warns that the politicization of the Fed could lead to increased economic risks and higher risk premiums on US debt [4] - HSBC raised its year-end target for the Shanghai Composite Index to 4000 points, citing ample liquidity [4] Major Events - Trump's dismissal of Fed Governor Cook marks the first time a sitting president has removed a Fed official, with Cook planning to challenge the legality of her dismissal in court [5][6] - The Fed's upcoming meetings and potential rate cuts are under scrutiny, with officials indicating support for a 25 basis point cut in September [7][8] - The ongoing conflict in Gaza is expected to reach a decisive conclusion within two to three weeks, although the situation remains complex and uncertain [9][10] - The US government has permanently eliminated the tariff exemption for packages valued under $800, expected to generate an additional $10 billion in annual tariff revenue [16] Company-Specific Developments - Cambricon Technologies surpassed Kweichow Moutai in stock price, becoming the "king of A-shares" with a market capitalization exceeding 600 billion yuan, following a significant turnaround in its financial performance [22][23] - Nvidia's second-quarter earnings exceeded expectations, but the lack of sales in the Chinese market was a notable concern, with third-quarter revenue guidance falling short of some analysts' forecasts [24] - Meituan's stock plummeted nearly 13% after reporting an 89% drop in net profit due to intense competition in the food delivery market, leading to downgrades from several banks [25] - Musk's xAI filed a lawsuit against Apple and OpenAI, alleging collusion to monopolize the AI market, while SpaceX successfully completed its tenth test flight of the Starship [26][27]

Group 1: Report Industry Investment Ratings - Gold investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate current investment opportunity [1] - Silver investment rating: ★★★, indicating a clearer long - trend and a relatively appropriate current investment opportunity [1] Group 2: Core Views of the Report - Overnight precious metals showed a strong sideways movement. The revised annualized quarterly rate of the US GDP in the second quarter was 3.3%, exceeding expectations and the previous value, and the weekly initial jobless claims were 229,000, remaining at a low level. Although the economy is resilient, Trump's dismissal of a Fed governor has led to market concerns about the Fed's independence, which dominated market sentiment. International gold and silver are testing the key resistance at the upper edge of the recent sideways range, and once broken, the upward movement may be sustainable. Attention should be paid to the US PCE data tonight [1] Group 3: Summaries Based on Related Content Fed - related - Cook officially sued Trump over the dismissal, with Powell also being a defendant. Cook's lawyer said the mortgage dispute may be due to a "paperwork error." A US judge will hold a hearing on Cook's lawsuit against Trump this Friday, and the case is expected to end up in the Supreme Court. Trump - nominated Fed governor nominee Milan is expected to be confirmed before the Fed's September decision. Fed governor Waller supports a 25 - basis - point rate cut at the September meeting and expects further rate cuts in the next 3 - 6 months. The second - in - command of the IMF said the market still believes in the Fed's independence, but the actual risks cannot be ignored. ECB Governing Council member Rehn said Trump's pressure on the Fed's independence may have a major global impact on financial markets and the real economy [2] Tariff - related - The EU proposed a legislative proposal to cancel some US goods tariffs to encourage the US to lower auto tariffs. India is expected to increase its September imports of Russian oil by 10% - 20% month - on - month, regardless of US tariff threats. US officials said that in the next six months, a unified tariff of $80 - $200 will be imposed on packages sent to the US, and specific tariff rates will be applied thereafter [2] Russia - Ukraine situation - related - German Chancellor Merz said Zelensky and Putin will not meet. US media reported that Europe proposed a 40 - kilometer front - line buffer zone for Russia and Ukraine [2]

此举正值美国总统敦促美联储政策制定者降低借贷成本之际，引发市场担忧若过早降息将削弱央行控制通胀的能力。名义10年期收益率本周预计基本持平， 周五微升2个基点至4.22%，处于8月波动区间的较低水平。 自4月以来，随着特朗普对贸易伙伴加征关税及股市上涨缓解金融环境，债券投资者的通胀预期持续攀升，逐渐逼近2月份创下的今年峰值2.52%。 在特朗普持续向美联储主席鲍威尔施压要求降息，并于周一升级对央行的攻击——试图解雇美联储理事莉萨·库克后，这一趋势加速显现。库克已提起诉讼 阻止特朗普将其免职的"非法企图"。 智通财经APP注意到，尽管特朗普对美联储的抨击日益加剧，美债市场本周仍保持相对平静，但通胀预期的进一步上升，显示出投资者对总统试图干预央行 决策的忧虑正在加深。 10年期盈亏平衡利率(即国债与通胀挂钩债券的收益率差)周三触及2.46%的六个月高点，周五回落至2.41%。这一变动是由于通胀保值债券(TIPS)收益率降至 四个月低点1.81%，因市场对风险对冲的需求增加。 尽管本周变动相对较小，但该指标的稳步攀升是最切实的信号之一，表明投资者日益担忧特朗普对美联储的攻击可能损害央行对抗通胀的公信力。 若政府在任命 ...

Core Viewpoint - Rising bond yields exert significant political pressure, influencing leaders and their policies, as evidenced by recent events in the UK and the U.S. [1] Group 1: Bond Market Dynamics - The 10-year U.S. Treasury yield has increased from 3.8% to 4.2% over the past year, indicating a growing concern among investors regarding the independence of the Federal Reserve [2] - The gap between the 2-year and 30-year U.S. Treasury yields has reached its widest level since January 2022, signaling investor anxiety about long-term inflation threats and the erosion of Federal Reserve independence [4] - Current bond yields remain below the highs reached after Trump's "liberation day" tariffs, suggesting a more orderly increase despite rising long-term yields [5] Group 2: Political Implications - Trump's attempts to undermine the Federal Reserve's independence, including threats to dismiss board members, raise concerns about potential political capture of the institution [2][3] - If Trump succeeds in weakening the Federal Reserve's independence, it could lead to higher expected inflation, impacting various loan rates and increasing government costs [3] - The political risks associated with rising long-term borrowing costs could adversely affect Trump's voter base, particularly as mortgage rates are linked to long-term bonds [4] Group 3: Market Reactions and Sentiment - Investors are increasingly worried about the politicalization of the Federal Reserve, with concerns that cheap funding could fuel future inflation [3] - The market's current calmness may be attributed to the recent increase in government revenue from tariffs, which has alleviated fears regarding the fiscal situation [5][6] - The outcome of the legal case involving Federal Reserve board member Cook could significantly impact market stability and the future of the Federal Reserve's independence [6]

美国总统特朗普与美联储的大战，又在进一步升级。 多位接受第一财经记者采访的法律专家和业内学者表示，与此前对美联储主席鲍威尔的指控所不同的 是，此次在美联储理事库克（Lisa Cook）身上，特朗普及其盟友看起来找到了一些证据，且并非彻底 空穴来风。 就29日美联储理事库克诉美国总统特朗普的首场听证会召开前夕，美国联邦住房金融局局长普尔特 （Bill Pulte）再次甩出新证据，并向库克发出新的刑事指控，此举加大了特朗普政府就抵押贷款欺诈指 控对这位美联储理事的施压力度。 目前特朗普方面拿出的证据够硬核么？库克是否能够保住职位？ 28日，普尔特再次致信美国司法部长邦迪（Pam Bondi），信中内容涉及库克位于马萨诸塞州的第三处 房产。 简言之，普尔特认为，这些证据显示了在租房和出售等信息方面，库克或向美国政府作出了多次虚假陈 述，出现了多次前后不一致的情况。 当前库克的律师尚未对这一最新指控作出回应。美联储也拒绝置评。 而针对此前的指控，库克的律师表示，此次抵押贷款纠纷的背后可能存在无意的"文书错误"，该律师认 为，任何潜在的错误都不是故意的或实质性的，并不构成将她从美联储理事会免职的"理由"。 库克一方并在 ...