Core Viewpoint - Concerns regarding the independence of the Federal Reserve are increasing among investors as President Trump seeks to influence its policies, particularly in pushing for interest rate cuts [1] Group 1: Investor Sentiment - Investors are preparing for potential inflation increases, as indicated by the positioning in equity, bond, and gold markets [1] - The involvement of close Trump advisor Stephen Miran in the Federal Reserve and the push to replace board member Lisa Cook have raised alarms among market participants [1] Group 2: Institutional Credibility - Analysts from Goldman Sachs, including Samantha Dart, highlight growing concerns about the credibility of U.S. institutions, which could lead to significant tail risks [1] - These risks may result in a surge in commodity prices, including gold, as investors react to the perceived threats to institutional integrity [1]

格隆汇9月4日｜据彭博，华尔街策略师观察到，随着美国总统唐纳德·特朗普寻求将他的意愿强加于美 联储并推动其降息，有迹象显示，投资者对美联储独立性的担忧正在加剧。摩根大通团队指出，在特朗 普挑选与他关系亲密的顾问Stephen Miran加入美联储，并推动撤换理事丽莎·库克后，股市、债市和金 市的持仓情况表明，投资者正为潜在的通胀上升做准备。"在我们的持仓指标中，我们看到有证据表 明，市场对美联储独立性的担忧加剧，存在'美联储相关通胀交易'的迹象，"策略师Nikolaos Panigirtzoglou在致客户的报告中指出。 ...