#数字资产市场动态 After Trump "2.0" took office, the Federal Reserve is experiencing an unprecedented political upheaval.

On December 29th, things became particularly tense. Trump not only unusually appeared at the Fed site to publicly clash with Chair Powell but also repeatedly criticized its rate-cutting policies. Even more aggressively, he attempted to sideline Powell's authority through the so-called "shadow chair" mechanism—this approach either upends the central bank's governance logic or devolves into a power game.

What’s even more outrageous? Trump directed his criticism at other members of the Federal Open Market Committee (FOMC), especially explicitly calling for the removal of Fed Governor Cook. The related case will go to court in January next year. In essence, this is a serious test of the boundaries of presidential power—the line between the White House and independent agencies is being forcefully rewritten.

Inside the Fed, there is now a "selective silence." Officials are sticking to a single stance: policy decisions are based on economic data, to avoid deeper political conflicts. But everyone can see through this—it's just an emergency escape. Analysts still bet on the resilience of the Fed’s institutional framework and market checks to withstand this wave of upheaval, but if top-level personnel are truly intervened upon, inflation expectations and market confidence could collapse in minutes.

Another bad news is that the White House has now publicly initiated the selection process for the next Fed Chair. This move is like a sword hanging over Powell’s head—weakening his authority and deepening internal divisions, achieving two goals at once. Wall Street’s view is very unified: policy uncertainty is soaring, and the Fed’s century-old independence is facing a test. In the short term, market sentiment will continue to deteriorate.