8月25日，据媒体报道，在怀俄明州杰克逊霍尔举行的美联储年度研讨会期间，来自世界各国的央行官 员担心，如果全球最具影响力的央行屈服于政治压力，将为其他国家的政治干预开创危险先例。 特朗普公开施压美联储主席鲍威尔辞职，并试图驱逐理事库克（Lisa Cook），这种做法已经引起国际 央行界的高度关注。欧洲央行决策者Olli Rehn表示： "对美联储出于政治动机的攻击会在精神上波及世界其他地区，包括欧洲"。 报道指出，特朗普对美联储的施压并非孤例，日本、拉脱维亚等多国央行都面临类似政治压力。 分析人士指出，如果美联储的独立性受到损害，可能引发金融市场重大动荡，投资者将要求持有美债获 得更高风险溢价，并重新评估美债作为全球金融体系命脉的地位。各国央行已开始为这种冲击做准备， 提醒银行关注美元敞口。 全球央行官员力挺鲍威尔 报道称，在杰克逊霍尔会议期间，国际央行界展现出对美联储独立性的坚定支持。当鲍威尔登台演讲 时，与会者起立鼓掌表达支持。 据接受媒体采访的十几位各国央行官员透露，美联储因失去独立性而削弱抗通胀能力的情形，被视为对 全球央行地位和经济稳定的直接威胁。德国央行行长、欧洲央行管委会成员Joachim Na ...

Core Viewpoint - The ongoing conflict between Trump and the Federal Reserve regarding interest rate cuts reflects deeper issues surrounding the independence of the Fed, which is crucial for the stability of the US dollar and the global financial system [1][2][3]. Group 1: Federal Reserve Independence - The independence of the Federal Reserve is essential for maintaining the predictability of the dollar's value, which in turn supports global demand for dollar-denominated assets [5][17]. - A loss of independence could transform the dollar from a global "value anchor" into a domestic "political tool," undermining its credibility and accelerating the diversification of global reserve currencies [5][17]. Group 2: Historical Lessons - Historical examples illustrate the dangers of political pressure on the Fed, such as the 1971 Nixon administration's pressure leading to the "stagflation" period, where inflation peaked at 15% and unemployment exceeded 10% [6]. - The market's reaction to political threats against the Fed, such as Trump's threats to dismiss Powell, indicates a deep-seated fear of political interference, which can lead to significant market volatility [7]. Group 3: Background and Evolution of the Federal Reserve - The Federal Reserve was established in 1913 as a response to the financial crises of the 19th century, with a design aimed at preventing political interference in monetary policy [9][10]. - Legal safeguards have been put in place to ensure the Fed's independence, including restrictions on presidential dismissals and the separation of fiscal and monetary policy [10][11][12][13]. Group 4: Political and Monetary Discipline - The historical conflicts between the Fed and US presidents often arise from differing time horizons, with presidents focused on short-term electoral cycles and the Fed prioritizing long-term economic stability [16]. - The current political climate, characterized by rising debt levels and the temptation for debt monetization, poses ongoing challenges to the Fed's independence [16][17].