#美联储回购协议计划 Central Bank Independence Becomes the Focus Again: Political Pressure vs. Economic Stability, Who Will Win?

Recently, a power struggle has unfolded in American politics. Trump has been repeatedly pressuring Federal Reserve Chair Jerome Powell to stimulate the economy and lower interest rates; Powell, on the other hand, has been firm, clearly stating: "The independence of the Federal Reserve is non-negotiable." The tension is palpable.

The background is as follows—Powell's term will end in March next year, and according to procedure, the President needs to nominate and the Senate must confirm. Trump has already issued a stern warning: "Those who disagree with me shouldn't expect to sit in this position." The implication is a threat to replace him. But in practice, it's not that simple; the Senate is currently deeply divided along party lines, and whether Powell can be confirmed remains uncertain.

At first glance, this appears to be a personal conflict between two individuals, but it actually reflects a deeper issue—the President wants low interest rates to stimulate GDP growth, while the Fed needs to keep an eye on inflation to manage risks. These two goals often conflict. Powell's strong response this time signals to the market: the central bank will not be swayed by political timing.

This matter is quite important for the crypto market. The Fed's interest rate policy directly affects funding costs and risk appetite, which in turn influence liquidity and investment enthusiasm for assets like $BTC and $ETH. Whether the central bank can maintain its independence, to some extent, determines the subsequent macro liquidity environment.

What do you think? Can Powell hold the line? How will this political power struggle ultimately unfold?