#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 bullish 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, directly stating that this was a blatant interference with the Fed’s independence.

This stance sparked public opinion. Three former Fed chairs, global central banks, Wall Street institutions, and bipartisan lawmakers collectively stood with Powell. Trump initially wanted to control the economy, but instead cemented the reputation of political interference, and unexpectedly pushed the Fed’s independence to the forefront of public debate. Powell from a policymaker suddenly became a symbol of upholding rules.

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

**Safe-haven funds flowed in**: The US dollar’s credit foundation was impacted, 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 on policy became more determined, and the probability of rate cuts in the short term decreased. However, the Trump administration is likely to continue applying pressure, which increases market expectations for future easing, benefiting the highly volatile crypto market.

**De-centralization reassessment**: The incident exposing the Fed’s independence vulnerability highlighted the fragility of centralized financial systems. The decentralized and intervention-resistant 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 space. This market reversal is a pleasant surprise for crypto asset holders.