Let's take a different perspective to understand Trump's recent actions.

In response to the Federal Reserve and Powell, Trump has unleashed a series of maneuvers: language threats, questioning the budget of the Federal Reserve building, appointing his own people to the board, and even scouting successors in advance... These are not simple 'sparring,' but rather strategic positioning.

What he truly wants is certainly not just a mere 25 basis point rate cut; that is simply not enough for him. The nature of a businessman is greed; what he always wants is 'more of more.' Once the door to rate cuts is opened, his goal will inevitably be to accelerate rate cuts, pushing interest rates down as much as possible to stimulate the economy and capital markets.

Of course, Powell understands this, which is why he has been reluctant to yield easily. This is also one of the important reasons why the Federal Reserve, even when faced with political pressure, must maintain its 'independence.'

Recent remarks by the Treasury Secretary have also sent signals—what Wall Street expects is not a moderate rate cut, but rather more aggressive easing, which implies that government deficits may once again spiral out of control.

In simple terms, this is not only a game of monetary policy but also a contest of political will and the interests of capital markets. Trump's appetite will not stop at a single rate cut but will aim to drive the entire cycle's direction.