Since its establishment in 1913, the Federal Reserve has relied on the independence of monetary policy as its foundation, with a decision-making mechanism insulated from short-term political pressures to ensure that interest rate policies serve long-term economic stability. However, today, political interference in the Federal Reserve has become increasingly evident. Historically, both the Johnson and Nixon administrations pressured the Federal Reserve Chairman to maintain low interest rates, disregarding price stability, which ultimately led to high inflation. Now, Trump is continuously urging the Federal Reserve to cut interest rates to stimulate the economy and enhance his re-election prospects, which undoubtedly poses a challenge to the Federal Reserve's independence.

From an economic perspective, if the Federal Reserve succumbs to political pressure and adjusts interest rates arbitrarily, it will render monetary policy incapable of being flexibly adjusted based on economic data, undermining economic stability. For instance, cutting interest rates during high inflation will further drive up prices and disrupt economic order. From the perspective of financial markets, once the Federal Reserve loses its independence, public confidence in it will significantly diminish, triggering extreme fluctuations in financial markets, and investors may massively sell off dollar assets in favor of safe-haven assets.

Currently, the international situation is complex, with ongoing conflicts in Ukraine and between Israel and Palestine, and the global economy is fraught with uncertainty. As one of the most important central banks in the world, the Federal Reserve's policy direction can have far-reaching consequences. If its independence is compromised, global financial markets will be affected, and the debt risks of emerging market countries will also intensify.