格隆汇1月13日｜由于对美联储独立性及地缘政治风险的担忧，现货黄金站上4630美元/盎司，日内涨幅达2.46%；现货白银突破86美元/盎司，日内涨 7.62%。 ...

Core Viewpoint - Investors are resuming the "Sell America" strategy in response to the Trump administration's criminal investigation into Federal Reserve Chairman Jerome Powell, leading to significant reductions in U.S. stocks, bonds, and dollar assets [1][6]. Market Reactions - U.S. stock markets experienced slight declines, with the Dow Jones Industrial Average down 159 points (0.32%), the S&P 500 down 0.14%, and the Nasdaq Composite down 0.1% [1][6]. - The U.S. dollar weakened against other major currencies, with the dollar index falling 0.35% [2][7]. - U.S. Treasury prices also saw a slight drop, with the 10-year Treasury yield rising to just below 4.2%, nearing a one-month high [2][7]. - The Chicago Board Options Exchange Volatility Index (VIX), known as the "Wall Street Fear Index," increased by 6%, while safe-haven assets like gold rose significantly, with gold futures up 3% to over $4600 per ounce and silver soaring 8% [2][7]. Federal Reserve Independence - The independence of the Federal Reserve is viewed as a cornerstone of the U.S. financial market's unique advantages, with investors and economists believing that an independent central bank is crucial for market stability [2][8]. - The Trump administration's previous public challenges to the Fed's independence, particularly regarding interest rate cuts, have raised concerns about potential investor panic if inflation is not adequately managed [3][8]. - If confidence in the Fed's independence erodes, it could lead to a weaker dollar, higher long-term Treasury yields, and increased global market volatility, countering the administration's stated goals [3][8]. Historical Context - The current market behavior resembles the "Sell America" trend from spring 2025, where investor concerns over Trump's trade policies led to significant asset sell-offs, resulting in a near bear market for U.S. stocks [3][8]. - The market is currently in a risk-off mode, with expectations that the momentum of these sell-offs may intensify and persist into 2026, focusing on the risks to the Fed's independence [9][10]. Investor Sentiment - Investors have become accustomed to Trump's pressure on the Fed, and there is currently no immediate risk of Powell being removed from his position, as he has committed to maintaining previous policy stances [9][10]. - The recent developments may represent a significant event that could trigger larger trading actions, as indicated by market analysts [10].

"如果之前还有人怀疑特朗普政府内的顾问是否真的在力图终结美联储的独立性，那么现在应该没有丝 毫疑问了，" Tillis在一份声明中称。"如今受到质疑的是司法部的独立性和公信力。""在这一法律问题 得到彻底解决前，我将反对确认任何美联储提名人选——包括即将出现的美联储主席空缺，" Tillis表 示。他同时也是参议院司法委员会的成员。（彭博） 【共和党要员抨击美国司法部调查，特朗普"驯服"美联储计划遇阻力】美联储主席鲍威尔指责美国司法 部以启动大陪审团调查为借口对该央行施压并恐吓后，总统特朗普周日晚间即遭到部分两党议员抨击。 参议院银行委员会中的关键共和党人Thom Tillis誓言在该问题解决之前，将反对特朗普提名的任何美联 储候选人。 ...

Core Viewpoint - The Federal Reserve is expected to lower the federal funds rate multiple times in 2025, amidst economic uncertainties and pressure from President Trump for further rate cuts [1][10]. Group 1: Federal Reserve's Actions - The Federal Reserve will maintain a stable interest rate for most of 2025, following a series of rate cuts at the end of 2024 and additional cuts in September, October, and December 2025 [1][10]. - Federal Reserve officials emphasize the need for patience and clarity in economic data before making any rate adjustments [1][10]. Group 2: Presidential Influence - President Trump has publicly opposed the Federal Reserve's decision to maintain stable interest rates and has pressured for further cuts in 2025 [1][10]. - Trump has criticized Federal Reserve Chairman Jerome Powell, labeling him as "stubborn" and suggesting his removal from office [1][10]. - In August 2025, Trump announced the dismissal of Federal Reserve Governor Lisa Cook, which critics argue may be illegal [1][10][7]. Group 3: Legal and Investigative Context - On January 11, Powell stated that a criminal investigation had been initiated against the Federal Reserve, related to his testimony about renovations at the Washington headquarters [1][11]. - Powell indicated that the criminal investigation and threats of charges should be viewed in the context of ongoing pressure from the Trump administration regarding interest rates [11]. Group 4: Federal Reserve's Independence - The Federal Reserve operates independently of direct presidential control, although the president has the authority to appoint and dismiss key officials [4][5]. - The president can nominate members of the Federal Reserve Board, who serve on the Federal Open Market Committee, but cannot dismiss them without just cause [6][15]. - Despite the Federal Reserve's design for independence, public statements from the president can influence market expectations and indirectly affect policy decisions [9][18].

Group 1 - The core viewpoint of the article highlights a significant surge in Chinese assets, particularly in the context of U.S. markets, where Chinese concept stocks experienced substantial gains [2][3]. - On January 12, after the U.S. market opened, the Chinese concept stock index expanded its gains to 4%, with Zhihu rising nearly 20% and Alibaba increasing over 10% [3]. - In the Hong Kong night market, the Hang Seng Index futures rose over 1%, and the Hang Seng Tech Index futures increased nearly 2% [5]. Group 2 - The article discusses the volatility in the U.S. stock market, where the three major indices showed mixed performance [5]. - Google briefly saw its market capitalization surpass $4 trillion, with news of a collaboration with Apple to enhance AI functionalities for products like Siri [6]. - The article notes a significant rise in precious metals, with silver prices soaring nearly 7% and gold prices increasing over 2%, driven by concerns over the independence of the Federal Reserve amid political pressures [8].

来源：重庆晨报 美国媒体11日报道，美国联邦检察官已对联邦储备委员会主席鲍威尔展开刑事调查，主要涉及美联储办 公大楼翻修项目以及鲍威尔是否就该项目规模向国会作虚假陈述。 鲍威尔当天发表声明回应说，美国联邦检察官对其相关指控都是"借口"，直言遭调查是因为美联储"没 有遵从总统意愿"来设定利率。 "史无前例！"鲍威尔11日晚发表声明回应说，任何人都不能凌驾于法律之上，美联储主席也不例外， 但"这项史无前例的行动应该放在美国政府（对美联储）持续威胁和施压这一更广泛的背景下看待。" 鲍威尔认为，美国联邦检察官对其相关指控都是"借口"。他说，自己遭调查的原因是美联储根据"最有 利于公众利益的原则来设定利率，而没有遵从总统意愿。" 他表示，此次调查不仅关乎个人是否"清白"，更关乎美联储是否能够继续根据经济运行实际情况来设定 利率，关乎美国货币政策的制定是否受到"政治胁迫"。 有分析认为，特朗普政府试图通过"盘外招"影响美联储，可能导致外界担心美国货币政策受到政治压力 影响，动摇市场对美联储政策的信心。 为何受指控？ 此次调查涉及的翻修项目自拜登政府时期开始动工，涉及美联储两栋主要办公楼。有美国媒体报道，翻 修项目在201 ...

Core Viewpoint - The ongoing conflict between former President Trump and Federal Reserve Chairman Jerome Powell has escalated, raising concerns about the independence of the Federal Reserve and the potential implications for monetary policy and consumer credit markets [1][2][3]. Group 1: Investigation and Political Pressure - Federal prosecutors are investigating Powell, focusing on his public statements and expenditure records, which have been approved by Trump's allies [2]. - Powell has faced criticism from Trump for refusing to lower interest rates, and Trump has indicated he will soon announce a successor to Powell [2][7]. - Powell claims the investigation is a political maneuver aimed at exerting pressure on him regarding interest rate decisions, emphasizing the need for the Federal Reserve to operate free from political influence [2][3]. Group 2: Administrative Interventions in Interest Rates - Trump has taken steps to directly influence interest rates, including instructing government-sponsored enterprises to purchase $200 billion in mortgage-backed securities, viewed as a form of "quantitative easing" [4][5]. - He has also proposed capping credit card interest rates at 10% starting January 20, 2026, which is seen as an attempt to bypass the Federal Reserve [5]. - Analysts suggest that these actions may have limited short-term financial impact but could significantly alter market perceptions and the valuation framework for mortgage-backed securities [5]. Group 3: Economic Implications and Market Reactions - Bill Ackman, a billionaire hedge fund manager, warns that artificially lowering interest rates could lead banks to withdraw credit card services, pushing consumers towards unregulated lending markets with worse terms [1][5]. - The potential for increased inflation due to political pressure on the Federal Reserve raises concerns about long-term economic stability and the impact on future elections for the Republican Party [6]. - Powell's commitment to maintaining the Federal Reserve's independence is crucial for achieving price stability and managing inflation, which is a significant concern for the public [6][3].

Market Overview - The U.S. stock market opened lower, with major indices showing declines in pre-market trading [1] - Several semiconductor stocks fell, including Qualcomm and Lattice Semiconductor, both down approximately 3% [1] - Bank stocks also experienced declines, with Citigroup leading the drop at -3.40% [3] Semiconductor Sector - Qualcomm (current price: $172.280) down by 3.09% [2] - Lattice Semiconductor (current price: $82.190) down by 3.08% [2] - ON Semiconductor (current price: $60.325) down by 2.95% [2] - Intel (current price: $44.660) down by 1.95% [2] - ARM (current price: $109.720) down by 1.85% [2] Banking Sector - Citigroup (current price: $117.200) down by 3.40% [3] - U.S. Bancorp (current price: $53.925) down by 2.33% [3] - KB Financial Group (current price: $85.810) down by 2.11% [3] Chinese Stocks - Nasdaq Golden Dragon China Index increased by over 3% [3] - Zhihu surged by 21.97% (current price: $4.330) [4] - Kingsoft Cloud rose by 20.42% (current price: $13.270) [4] - Alibaba increased by 8.29% (current price: $163.470) [4] Precious Metals - Spot gold reached $4620 per ounce, with a January increase of over $300 [5] - Silver prices also hit record highs, with COMEX silver rising over 8% in a single day [5] - Hecla Mining rose by 6.5% and Coeur Mining by 5.8% [4] U.S. Treasury Bonds - The 30-year U.S. Treasury yield rose by 5 basis points to 4.86% [6] - The U.S. dollar index experienced a decline of over 0.3% [6] Federal Reserve Investigation - A criminal investigation has been launched against Federal Reserve Chairman Jerome Powell, impacting market sentiment [9] - Concerns about the independence of U.S. monetary policy may lead to inflation fears and a weakening dollar [9] - Analysts suggest that if the Fed loses its independence, it could result in a "triple kill" scenario for stocks, currencies, and bonds [9]

来源：滚动播报 有团体称，针对鲍威尔的刑事调查是对美联储独立性的一次 "史无前例" 的冲击。 发表该声明的团体包 含美联储前三任主席 —— 耶伦、伯南克与格林斯潘。 ...

Group 1 - Precious metals prices surged significantly, with spot silver and gold both reaching record highs, silver rising over 6% to $84.87 per ounce and gold increasing 2.4% to $4620.34 per ounce, marking new historical records [1] - The U.S. dollar index fell to 98.81, dropping nearly 0.5% during the day, while silver mining stocks performed well, with Hecla Mining up 6.5% and Coeur Mining up 5.8% [3] - Analysts attribute the movements in precious metals and the dollar to increased attacks from the Trump administration on the Federal Reserve, leading investors to reduce their investments in U.S. assets [3] Group 2 - The Federal Reserve's independence is under scrutiny, with recent developments indicating a potential shift in how interest rates may be influenced by the White House [3] - The chief investment strategist at Saxo Bank noted that the market is facing numerous uncertainties, including geopolitical tensions and institutional risk premiums triggered by recent headlines [4] - The Swiss bank's strategist highlighted that increased intervention against the Federal Reserve is a key bullish factor for precious metal prices in 2026, with silver being particularly sensitive to interest rates and dollar movements [3]