#美国核心物价涨幅不及市场预估 The most important financial defense line in the world is shaking: the Federal Reserve's independence faces an unprecedented test.

The trigger for this situation recently emerged: U.S. President Trump sought to replace Federal Reserve Board member Lisa Cook, citing doubts about her historical mortgage application. Cook responded through legal channels, appealing all the way to the Supreme Court. On the surface, it appears to be a personnel dispute, but it actually touches on a deeper issue.

The White House's logic is straightforward: "I appointed you, so I have the right to remove you. Presidential power should be complete and unrestricted." Similarly, the Federal Reserve's stance is firm: "Financial policy must be independent of political pressure. If the President can freely replace decision-makers, interest rates become a tool for votes, and the neutrality of financial markets will be completely undermined."

Why is the global financial community holding its breath? The answer is simple— the Supreme Court's ruling on January 21 could redefine the boundaries of American power. If the court leans toward expanding presidential authority, then the firewall that isolates political interference at the Federal Reserve will truly be breached. Imagine a scenario where Fed Chair Powell also has to carefully consider political implications when adjusting interest rates; can the dollar still maintain its status as the global reserve currency? It might become a tool hijacked by political cycles, no longer a hard currency trusted by the market.

Now, conservative justices face a tough choice: should they allow executive power to ascend further, or set institutional safeguards for the stability of financial markets? This court debate is far more than a legal case—it determines whether the global financial system can continue to self-regulate, and how much certainty investors can still find amid an uncertain macro environment.

This is a stress test of the Federal Reserve's foundational system that has lasted a century, and market participants around the world are waiting for that gavel to fall.