路透社则发文称，美联储结束量化紧缩(QE)可能会为美国财政部提供一个顺利其短期国债融资策略的缓 冲，因为这可能逐步让美联储资产负债表转向短期债券，与财政部的行动同步。随着量化紧缩的结束， 讨论焦点将转向美联储未来资产负债表构成，其中一些人认为应减少长期债券占比。此外，这可能会为 美联储预留购买短期证券的可能性，引发市场对中央银行独立性疑问的审视。 意大利通讯社近日发文称，由于美元是全球储备货币，美国的借贷能力远高于欧洲国家。然而，ING的 美国经济学家詹姆斯·奈特利表示："许多美国政界人士和投资者对欧洲的缓慢增长和困难经济持轻蔑态 度，但当出现这样的数据时，谈话就会改变。" 【环球网财经综合报道】近日，国际货币基金组织（IMF）最新预测显示，美国政府债务负担率到2030 年将达到143.4%，本世纪首次超过意大利和希腊。不仅如此，IMF预计，美国的预算赤字每年将达到 GDP的7%以上，这一数字是该基金今年及整个十年监测的所有富裕国家中最高的。 ...

因此，通过传统手段抑制通胀反而加剧了经济收缩的压力。许多政府如今面临"滞胀"威胁 —— 即经济衰退伴随通货膨胀。央行深知这种权衡关系：通胀下 降需以经济增长的相应收缩为代价。 作者：Jomo Kwame Sundaram，联合国前官员、马来西亚经济学家、亚太智库研究员 南非约翰内斯堡，国际新闻社。2025年9月23日，美国总统特朗普对美联储主席杰罗姆·鲍威尔的尖刻抨击，重新唤起了人们对央行独立性的支持 —— 这种 独立性长期以来被强大的金融利益集团所滥用，损害了经济增长与公平性。 独立的中央银行本应提升货币政策的质量、公平性以及对经济增长的影响力。但如今，它们主要服务于强大的金融利益集团，其紧缩性和倒退性政策导致经 济缓慢且不均衡的增长。 独立于谁？ 中央银行的设立旨在通过制定货币政策来塑造金融环境，从而实现国家经济目标。近几十年来，新的政策共识认为独立的中央银行应制定货币政策。因此， 在较小规模的开放型发展中国家，这些银行往往受到强大金融利益集团（通常是外国势力）的裹挟。 过去半个世纪里，许多政府在国际金融势力影响下修改法律，确立中央银行独立于行政和立法部门与政府地位平等。与此同时，随着"通货膨胀目标制"成 ...

文/ 瑞淼资本管理有限公司董事长、上海社会科学院经济研究所博士生 孟郁聪 中央银行的独立性是其有效履行职能的关键。近代中国战乱频仍，政府财 政始终十分窘迫。在这样的背景下，中央银行艰难前行，其独立性从晚清 成立伊始就受到财政影响，在北洋时期尚能保持一定的独立性，在南京国 民政府时期则逐渐完全沦为财政附庸。这一史实表明，政府财政过度影响 中央银行独立性会产生严重问题，值得警醒。 近代中国战乱频仍，政府财政始终十分窘迫。在这样的背景下，中央银行艰难前行，其独立性从晚清成立伊始就受到财政影响，在北洋时期尚能保持一定 的独立性，在南京国民政府时期则逐渐完全沦为财政附庸。近代中国中央银行面临的问题与当前有很大不同。然而，研究近代中国财政对中央银行独立性 的影响，仍能有所启示。 清末，中央财政在战争赔款、地方财政失控、传统农业税收入锐减等多重压力下入不敷出。为了挽救财政危机，清政府除采取盐斤加价、发行公债、成立 地方清理财政局等措施以外，还决定借鉴西方金融制度设立中央银行。1905年清政府设立的大清户部银行，被视为中国最早的中央银行。1908年，该行改 名大清银行。大清银行统一发行货币，取代地方和民间金融机构滥发的纸币， ...

Core Viewpoint - The warning from European Central Bank President Christine Lagarde regarding U.S. President Donald Trump's interference with the Federal Reserve's independence highlights a growing tension between U.S. politics and monetary policy, which could have profound implications for both the U.S. and global economies [1][2]. Group 1: Federal Reserve Independence - The independence of the Federal Reserve is crucial for the effectiveness and credibility of monetary policy, as historical instances of political interference have led to inflation spikes, currency devaluation, and stock market declines [1][2]. - Trump's attempts to exert control over the Federal Reserve, including threats against Chairman Powell and legal actions against Governor Lisa Cook, reflect a desire for direct influence over monetary policy, particularly in terms of interest rate cuts [1][2]. Group 2: Economic Context - The Federal Reserve is currently navigating a delicate balance in its monetary policy decisions, with inflation data remaining above the 2% target and concerns about a weakening labor market following a disappointing July employment report [2]. - Market expectations for a rate cut in September are high, with nearly 90% probability, indicating concerns over economic slowdown and a potential shift towards more accommodative policies [2]. Group 3: Global Financial Implications - Erosion of the Federal Reserve's independence could lead to significant uncertainty in global financial markets, as the dollar's status as the primary reserve currency is partly based on the strength and independence of its monetary policy [3]. - A loss of confidence in U.S. dollar assets could result in capital outflows, dollar depreciation, and potential ripple effects across global financial markets, impacting borrowing costs, financial stability, and the global trade and investment landscape [3].

美联储主席鲍威尔：（谈特朗普施压）拥有独立的中央银行对公众有益，只要有利于公众利益，独立性 就应得到尊重并继续下去。 ...

Core Viewpoint - The discussion surrounding the independence of central banks is causing concern within the financial community, particularly highlighted by comments from Federal Reserve official Goolsbee [1] Group 1 - Goolsbee expresses disappointment regarding the ongoing debates about central bank independence [1]

Group 1 - The importance of supporting central bank independence by the G20 is emphasized by Japanese finance ministry officials [1]

Group 1 - The G20 finance ministers and central bank governors meeting emphasized the commitment to promote fiscal sustainability and enhance productivity reforms [1] - The meeting addressed the debt issues faced by low-income countries and supported global minimum tax cooperation [1] - There was a focus on the importance of central bank independence and the international trade system [1] Group 2 - The meeting highlighted the need for collaboration with Africa and improving the efficiency of health spending [1] - Strengthening pandemic prevention and response measures was also a key point of discussion [1]

Group 1 - The core message emphasizes the importance of central bank independence in achieving price stability goals [1]

Core Viewpoint - The independence of central banks is fundamental, and arbitrary interference is considered very dangerous [1] Group 1 - The President of the German Central Bank emphasized the importance of central bank independence in response to attacks on Federal Reserve Chairman Jerome Powell [1]