#美联储货币政策 Looking back at history, changes in the Federal Reserve Chair have always affected the nerves of global financial markets. This time, with Hassett emerging as a frontrunner, it reminds me of the situation when Paul Volcker took office in 1979. At that time, inflation was high, and Volcker implemented aggressive monetary tightening policies, pushing interest rates above 20% at one point. Now, Trump seems to be heading toward the opposite extreme, seeking to promote drastic rate cuts by appointing trusted allies.

This approach is concerning. The Fed’s independence is the foundation of its credibility, and excessive politicization could undermine long-term stability. Looking back at the quantitative easing policies after the 2008 financial crisis, while they stabilized markets in the short term, they also set the stage for today’s high inflation.

History tells us that monetary policy needs to remain prudent and independent. Whether it’s excessive tightening or easing, both can lead to unexpected negative consequences. For investors, the key is to closely monitor policy direction while maintaining diversified allocations to cope with potential market volatility. After all, in the economic cycle, overly aggressive policies are often forced to be corrected in the following years.