#美联储货币政策走向 Looking back, I can’t help but feel a surge of emotion. The changing of the guard for the Federal Reserve Chair always stirs up the markets. This time, with Hassett gaining momentum, I’m reminded of when Powell took office in 2017. Back then, optimism was high as well, with many believing he would continue Yellen’s policy path. However, things didn’t go as planned—Powell’s tenure saw dramatic shifts, including rate hikes, balance sheet reduction, rate cuts, and quantitative easing.

Now, as Trump once again seeks a pro-rate-cut candidate, Hassett seems to fit the bill. But history tells us that the Fed Chair is rarely able to fully act according to the president’s wishes. I remember after the 2008 crisis, Bernanke unleashed massive liquidity, yet Obama was dissatisfied with him; Greenspan also had his share of friction with the Clinton administration during his tenure.

The independence of monetary policy is a double-edged sword. Excessive politicization may bring short-term stimulus, but it could harm long-term stability. No matter who takes office, we need to remain cautious. After all, every move the Fed makes can trigger chain reactions in global financial markets. In this era of uncertainty, it’s even more important for us to stay clear-headed and be prepared for all scenarios.