11月13日，据路透社报道，知情官员透露，欧洲金融稳定官员正在讨论通过整合美国以外央行持有的美 元储备，建立一个替代美联储流动性支持机制的方案。此举的目的是在特朗普政府时期减少对美国的依 赖。相关磋商目前仍处于工作组层面，尚未到达欧洲央行决策层，且涉及欧元区内外的多家央行。欧洲 央行和美联储发言人均拒绝置评。 据路透社，一位高级央行官员指出，美联储若暗示停止货币互换，可能引发全球金融系统广泛压力。在 此情况下，央行将难以支持将美元储备借给他人。 与此同时，美联储面临来自美国总统特朗普要求降息的政治压力。特朗普政府一直对美联储政策持高度 批评态度，反复敦促美联储大幅降息。总统曾威胁撤换鲍威尔，并实际解雇了美联储理事Lisa Cook， 指控其涉嫌抵押贷款欺诈。这些举措引发了外界对政府维护美联储独立性承诺的担忧，使新任美联储主 席的任命备受关注。 美联储主席鲍威尔的任期将于明年5月结束。此前10月，美国财政部长贝森特（Scott Bessent）经过一系 列面试后，已将美联储主席候选人名单从11人缩减至5人，预计最终人选可能在明年1月提名美联储成 员。贝森特表示，他将在今年12月向特朗普提交一份候选人名单，以供挑 ...

Core Insights - The Trump administration's financial support to Argentina raises concerns about the "weaponization" of the dollar and its implications for global financial stability [1][2][3] Group 1: Nature of Financial Support - The financial support provided to Argentina is characterized as a loan from the Exchange Stabilization Fund (ESF) rather than a traditional central bank swap arrangement [2][3] - This support is politically motivated, aimed at improving the political prospects of President Javier Milei's party following poor performance in local elections [1][2] Group 2: Implications for Global Financial Stability - The use of ESF for political purposes deviates from its historical role, which was limited to addressing unexpected external shocks or systemic crises threatening U.S. financial stability [1][2] - Concerns are growing regarding the reliability of the Federal Reserve in providing dollar liquidity during global crises, especially if political pressures influence its decisions [1][3] Group 3: Alternatives and Future Considerations - In the event that the Federal Reserve refuses to provide liquidity, alternatives are limited, with other central banks unable to match the speed and conditions of dollar liquidity [4] - The International Monetary Fund (IMF) could serve as a last resort, but its capacity is constrained by the size of its resources, which may not be sufficient during significant market shocks [4][5] - A proposed increase in IMF quotas could enhance its ability to respond quickly and effectively in crises, but this requires approval from the U.S. Congress [5]

Core Viewpoint - The discussion around the politicization of the Federal Reserve has shifted from its independence in interest rate decisions to the potential political use of dollar swap lines, which are crucial for global financial stability [1][2]. Group 1: Dollar Swap Lines - Dollar swap lines serve as a liquidity channel for the dollar, activated by the Federal Reserve during crises to prevent stagnation in the dollar-dominated global financial system [1]. - Currently, the Federal Reserve has permanent dollar swap lines with five major central banks: the European Central Bank, the Bank of Japan, the Bank of England, the Swiss National Bank, and the Bank of Canada [1]. - In past crises (2008 and 2020), the Federal Reserve temporarily provided swap lines to nine additional countries, including Brazil, Australia, and Mexico, but these have since been discontinued [1]. Group 2: Political Implications - The influence of former President Trump raises questions about whether the Federal Reserve will provide dollars to foreign central banks during crises, suggesting that such decisions may become increasingly politicized [2]. - The South Korean central bank governor indicated that currency swaps are becoming a highly politicized issue rather than purely economic [2]. - The U.S. Treasury Secretary mentioned that all options, including currency swap lines, are being considered to stabilize the Argentine market, highlighting a differing approach towards various countries [2]. Group 3: Broader Context - The Federal Reserve's role, originally intended to safeguard global financial stability, is increasingly entangled in political maneuvering [3].

Core Viewpoint - The potential dismissal of Federal Reserve Chairman Jay Powell by Donald Trump could lead to significant economic, financial market, and international order repercussions. Legal challenges and political reactions are expected if Trump successfully appoints a new chairman [1]. Group 1: Federal Reserve Structure and Decision-Making - The Federal Reserve Chairman's power is not solely derived from legal authority but also from long-standing operational traditions within the Fed, particularly in reaching consensus with the Board of Governors (BoG) and the Federal Open Market Committee (FOMC) [1][2]. - Historically, FOMC votes have typically concluded with unanimous support, indicating strong backing for the chairman from committee members. If the new chairman can secure sufficient voting power within the BoG, they will wield significant decision-making authority [2]. Group 2: Powers of the New Chairman - The new chairman will have the authority to set the interest rate on reserves, which is crucial for executing monetary policy. This power allows the chairman to influence both the U.S. and global economic directions [2]. - The new chairman will also appoint the Federal Reserve's General Counsel, whose role is to provide legal guidance for the Fed's actions. A General Counsel willing to push legal boundaries could expand the chairman's operational latitude [4]. - Additionally, the new chairman may influence the appointment of regional Federal Reserve bank presidents, potentially ensuring that FOMC members align with Trump's policies, especially if funding is needed for initiatives like the border wall [4]. Group 3: Challenges and Political Dynamics - A significant challenge for Trump will be mobilizing support from existing BoG members, most of whom were appointed during the Biden or Obama administrations and have long terms. Their opposition could hinder the new chairman's aggressive policy agenda [6]. - If Trump successfully dismisses Powell, he might overhaul the Fed by appointing loyal supporters, which could lead to extreme measures such as large-scale money printing or altering swap lines with specific countries, potentially impacting the international economy [6]. Group 4: Constraints on Presidential Power - The only potential check on Trump's overreach may come from Congress, which could reassert its authority over the Federal Reserve. However, given the current political climate, optimism regarding this possibility is limited [7].

Core Viewpoint - The statement from the Federal Reserve's Musalem emphasizes that the dollar swap lines provided to foreign central banks play a crucial role in enhancing financial stability in the U.S. market [1] Group 1 - The dollar swap lines are instrumental in providing liquidity to foreign central banks, which in turn supports the stability of the U.S. financial system [1] - These arrangements help mitigate potential financial disruptions that could arise from global market fluctuations [1] - The availability of these swap lines reflects the interconnectedness of global financial markets and the importance of the U.S. dollar as a reserve currency [1]