#美国核心物价涨幅不及市场预估 Trump's pressure on Powell ultimately strengthened the Federal Reserve's independence and unexpectedly became a positive catalyst for the crypto community.

The sequence of events is as follows: In order to force the Fed to cut interest rates significantly, the Trump administration instructed prosecutors to dig up old issues under the guise of renovating the Federal Reserve building, and issued criminal subpoenas to Powell. It appeared to be an audit, but in reality, it was naked political pressure aimed at replacing the uncooperative central bank leader. Powell responded firmly, openly criticizing this as blatant interference with the Fed's independence.

This stance sparked public debate. Three former Fed chairs, global central banks, Wall Street institutions, and bipartisan lawmakers all rallied behind Powell. Trump initially sought to take control of the economy but instead cemented the reputation of political interference, while also unexpectedly pushing the Fed's independence to the forefront of public discourse. Powell quickly transformed from a policymaker into a symbol of rule adherence.

This policy turmoil had a noticeable impact on the crypto market:

**Safe-haven funds flowed in**: The US dollar's credit foundation was shaken, and risk appetite in traditional financial markets declined. Investors turned to cryptocurrencies like Bitcoin as a safe haven, with short-term upward momentum.

**Rate cut expectations reshaped**: Powell's stance became more resolute, reducing the short-term probability of rate cuts. However, the Trump administration is likely to continue applying pressure, which increases market expectations for future easing, benefiting the highly volatile crypto market.

**Decentralization reassessed**: The incident exposing the Fed's independence vulnerability highlighted the fragility of centralized financial systems. The decentralization and anti-intervention features of cryptocurrencies are being revalued, with mainstream coins gaining strong support.

Ironically, the more Trump tries to control, the more it benefits the crypto world. This market reversal is a fortunate surprise for crypto asset holders.