Core Viewpoint - The removal of Federal Reserve board member Cook by President Trump raises concerns about the independence of the Federal Reserve in monetary policy [2] Group 1: Federal Reserve Independence - Trump's actions are perceived as a threat to the Federal Reserve's independence, particularly in monetary policy decisions [2] - Cook claims that her removal from the Federal Reserve board is illegal, highlighting potential legal and governance issues [2] Group 2: Monetary Policy Pressure - President Trump has been pressuring the Federal Reserve to lower interest rates, which has been met with resistance from Chairman Powell due to inflation concerns related to tariff policies [2] - Powell's cautious stance on interest rate cuts at the recent Jackson Hole central bank conference indicates a complex dynamic between the administration and the Federal Reserve [2] Group 3: Future Implications - If Trump continues to exert control over the Federal Reserve, a significant depreciation of the dollar and substantial reductions in the federal funds rate are likely outcomes [2] - The potential for excessive dollar supply could lead to volatility in both U.S. and global capital markets, reminiscent of pre-2008 financial crisis conditions [2]

当地时间7月15日，美国财长贝森特表示，下一任美联储主席的遴选程序已正式启动。这是特朗普政府首次明 确宣布这一进展。 与此同时，美国总统特朗普加大了对美联储主席鲍威尔的批评力度。当地时间7月14日，特朗普再次炮轰鲍威 尔是"榆木脑袋"，并表示，他认为利率应该低于1%。 目前市场正高度关注下一任美联储的潜在人选。据美媒援引知情人士的话报道，白宫国家经济委员会主任凯文 ·哈塞特正成为下任美联储主席的主要候选人。 下任美联储主席的遴选程序已启动 下一任美联储主席的争夺战进入白热化。 当地时间7月15日，贝森特在接受彭博电视采访时表示："（下一任美联储主席）遴选程序已经正式启动。美联 储曾犯过重大预测错误，现在可能就是如此。美联储内外有很多优秀的候选人，我们将拭目以待，看看进展如 何。" 贝森特指出，这是美国总统特朗普的决定，一切将按照他的速度推进。贝森特会参与关于美联储主席人选的决 策过程。 对于鲍威尔卸任美联储主席后可能继续留在美联储理事会的猜测，贝森特警告称，这种安排会"令市场感到困 惑"，并指出"美联储主席通常在卸任时会一并辞去理事职位"。 这意味着，一旦换帅落地，不排除鲍威尔将完全退出美联储系统，以避免未来 ...

Core Viewpoint - President Trump criticizes Federal Reserve Chairman Jerome Powell, claiming that current interest rates are at least 3 percentage points too high, urging for a rate cut to reduce national debt repayment costs [1][2][3] Group 1: Trump's Criticism of Powell - Trump states that the high interest rates set by Powell result in an annual refinancing cost of $360 billion for the U.S. [1] - He emphasizes that the U.S. currently has no inflation and calls for a reduction in interest rates [2] - The current federal funds rate target range is 4.25%-4.50%, and if Trump's suggested cuts are implemented, it could drop to 1.25%-1.50%, the lowest in three years [3] Group 2: Federal Reserve's Stance - Powell has indicated that the Federal Reserve does not consider government debt costs when setting monetary policy, focusing instead on maximizing employment and price stability [3] - Despite Trump's criticisms, traders expect that the Federal Open Market Committee (FOMC) will maintain current rates in the upcoming July meeting, with a 93.3% probability of no change [3] Group 3: Calls for Powell's Resignation - U.S. Deputy Treasury Secretary Michael Furland expresses a desire for Powell to step down from the Federal Reserve Board after his term ends in May next year [4][5] - Furland's comments reflect a broader push from the Trump administration for Powell to leave the Federal Reserve entirely [6] Group 4: Support for Rate Cuts - Furland argues that there are reasons for the Federal Reserve to ease monetary policy, suggesting that a reassessment of current rates could benefit the economy [7] - Several officials from the Trump administration, including Vice President Pence and Commerce Secretary Ross, have joined in criticizing Powell, with calls for immediate rate cuts [7]