#数字资产市场动态 The Federal Reserve's Policy Independence Faces a Historic Test

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A recent shift in the U.S. political landscape is worth noting: the president's attitude toward the central bank leadership has escalated from public criticism to a more aggressive legal approach. The allegations involve serious misconduct, financial audits, and other issues. This is no longer a matter of policy disagreement but a direct challenge to the central bank's ability to operate independently.

**What is the essence of this matter?**

First, a power struggle. The new leadership tends to appoint individuals more aligned with political directives, which means future monetary policy could be more easily influenced by short-term political needs. Second, institutional risk. If the central bank is forced to change its policy stance under political pressure, the core support for fiat currency—policy independence—will be significantly weakened. Third, market reassessment. When the stability foundation of the traditional financial system is shaken, the demand for alternative assets often surges.

**What is the impact on capital flows?**

Historically, whenever trust in the financial system's foundation cracks, capital seeks safer, more risk-resistant hedging tools. Assets with decentralization features, that do not rely on a single political system, and are based on global consensus, tend to attract additional allocation demand. This macro-level uncertainty, to some extent, is precisely driving the market to reevaluate other asset classes.

What do you think will be the ultimate outcome of this situation?