#美联储货币政策 Looking back over the past few decades of Federal Reserve monetary policy, it’s clear that its game with political forces has always existed. Recently, Trump again criticized Powell for not cutting interest rates, which reminded me of the situation in 1972 when Nixon pressured then-Fed Chairman Burns. At that time, in order to help secure re-election, Nixon demanded Burns cut rates to stimulate the economy, ultimately leading to severe inflation issues.

Now, Trump seems to be repeating this pattern, even hinting at replacing Powell. But history has shown us that political interference in monetary policy often results in serious consequences. The independence of the Federal Reserve is key to maintaining long-term economic stability.

On the other hand, Trump’s remarks also reflect the current economic downward pressure. Against the backdrop of a slowing global economy and ongoing trade frictions, a moderately loose monetary policy indeed has its rationale. The key is to find a balance between short-term stimulus and long-term stability.

Overall, I believe the Fed should maintain independent judgment, making policy decisions based on economic data rather than political pressure. At the same time, it should closely monitor economic developments and adjust its stance as needed. The outcome of this game will directly influence the economic trajectory and market expectations in the coming period. We need to stay highly alert and be prepared for all possible scenarios.