#美国贸易赤字状况 Federal Reserve Chair Powell faces a controversy involving a Department of Justice investigation, with political disputes surrounding the decision-making power over interest rates.

This week, the U.S. Department of Justice served a grand jury subpoena to the Federal Reserve, accusing Powell of issues related to his congressional testimony last June. The superficial reason involves the renovation project at the Federal Reserve headquarters, but Powell explicitly stated in a statement that this is an "excuse"—the real reason points to the independence of interest rate policy.

Powell emphasized that the Federal Reserve's interest rate policies are entirely based on economic fundamentals and public interest, and are never influenced by personal political preferences. He clearly accused the government of exerting pressure, stating that this is a critical moment to test whether the Fed can maintain its independence.

What is the background? Since Trump took office in 2025, he has publicly demanded significant interest rate cuts multiple times, claiming that this would stimulate the economy and reduce government debt costs. However, Powell did not follow these directives, leading Trump to express dissatisfaction multiple times and even threaten to announce a new Federal Reserve chair candidate in January 2026. Considering Powell's term ends in May, the timing of this investigation is quite intriguing.

The core issue reflected in this controversy is: Should monetary policy be independent of political pressure? Who holds the power to make interest rate decisions? These questions not only concern the outlook of the U.S. economy but also directly impact global capital flows and liquidity conditions in the cryptocurrency market. Once the independence of the Federal Reserve is undermined, market expectations will face significant uncertainty.