December 29th brought a major event—Trump directly entered the Federal Reserve construction site and confronted Powell face to face. This scene sounds a bit surreal, but it indeed happened.

What was the focus of the dispute? Trump criticized the Fed's monetary policy, believing that the rate cuts were driven by "political calculations." More aggressively, he is pushing to replace Director Cook, with related lawsuits scheduled to go to court in January next year. This move directly challenges the bottom line of the separation of powers in the United States.

On the Fed's side, most officials chose to remain silent and emphasized that decisions are based solely on economic data. But the question is—if high-level personnel are truly being interfered with, what will happen to inflation expectations and market confidence? It would definitely be a bomb. Analysts believe that the Fed's institutional independence still has some buffer, but this buffer is rapidly shrinking.

Currently, the White House is looking for a successor to the Fed Chair, while Wall Street is worried that Powell's authority will be weakened and internal divisions will deepen. In the short term, policy uncertainty is soaring, which will directly impact the pricing logic of assets like #数字资产市场动态 $ETH—testing the independence of the Federal Reserve, in a sense, is a test of market stability.