Former Federal Reserve Vice Chairman Donald Cohen warned on March 27 that the trade policies of the Trump administration could undermine the 40-year anti-inflation framework. This veteran who served the central bank for four decades pointed out that the monetary tightening policy initiated by Volcker in the 1980s, along with the price stability mechanisms formed by globalization, is facing a dual challenge.

Data shows that the U.S. inflation rate, after falling from a high of 13.5% in 1982, has remained moderate for a long time. However, the current situation indicates that Trump's recent announcement of a 25% tariff on imported cars, combined with his continuous pressure on monetary policy (including public calls for interest rate cuts), is creating anti-inflationary pressure. Cohen emphasized that the White House's tariff policy has caused a significant negative supply shock, and the previously favorable environment for suppressing inflation is turning into a policy headwind.

It is worth noting that Cohen, as a core member of the former central bank decision-making body (serving as Vice Chairman from 2006 to 2010), carries special weight in his warnings. He specifically pointed out that, against the backdrop of a high federal deficit, the president's continuous intervention in monetary policy has posed "unprecedented governance challenges" to the Federal Reserve. Although Trump claims he will not replace Powell, the public pressure has substantially weakened the independence of the central bank. #美联储何时降息？ #区块链 #币圈