#美联储回购协议计划 The Federal Reserve's independence is undergoing an unprecedented test.

Trump has once again stepped up, demanding aggressive rate cuts from the Fed, and even hinting at replacing Powell. The latter's response was firm: he will not resign voluntarily, and the independence of the central bank is a red line.

On the surface, this appears to be a power struggle, but in reality, it shakes the foundation of the global financial order.

The short-term effects are obvious—political leverage could trigger a wave of rate cuts, leading to liquidity benefits for risk assets, with Bitcoin and stocks both gaining favor. But this is only the surface-level gain. The long-term concern is the real killer: once the Fed's independence is weakened, the credibility of the US dollar will inevitably decline. At that point, the safe-haven attributes of gold and Bitcoin will be reactivated, and the entire asset allocation logic will need to be rewritten.

The key question emerges: will the market experience a political-driven liquidity feast, or face long-term turbulence after a credibility crisis in the central bank?

The direction of this confrontation will determine the fate of the next monetary cycle.