#美国非农就业数据未达市场预期 Recently, the direction of Federal Reserve policies has become the focus of market attention. Former Fed Chairs Greenspan, Bernanke, and Yellen have issued rare synchronized statements, publicly questioning the pressure on current Chair Powell, calling it a threat to the independence of the Federal Reserve.

The background is as follows: Trump has recently called for the Fed to "significantly cut interest rates" multiple times, while also promoting tariffs as a stimulus to the economy. These three central bank leaders, who have served six presidents, believe that problems arise when political pressure interferes with monetary policy decisions.

Their core concerns are twofold:

**Macroeconomic level** — Once central bank independence is weakened, unchecked rate cuts could release inflationary pressures, ultimately harming the economy. This is not a power game, but a matter that concerns the credibility foundation of the US dollar.

**Market level** — When central bank policies become political tools, investors lose confidence in the stability of the monetary system. Historically, whenever central banks bow to political pressure, market turmoil often follows.

The question now is: should monetary policy be led by professional judgment, or should it compromise to political pressure? This choice will ultimately affect the USD exchange rate, global capital flows, and even your asset allocation.

What do you think — is this economic stimulus or a trust crisis? In the tug-of-war between central banks and politics, how should the market respond?