Federal Reserve Chair Jerome Powell has recently run into some trouble. On January 12th, the U.S. Department of Justice issued a criminal indictment threat—claiming that his June testimony before the Senate involved the Fed's headquarters renovation project, and a grand jury subpoena has been issued.

At first glance, it seems like a construction dispute? However, Powell dismisses this explanation, stating: "That’s just a cover."

What is the real issue? The Fed’s interest rate decisions are "based solely on data, not political considerations." As the global financial market’s barometer, the Federal Reserve has traditionally adjusted interest rates based on economic data. But this time, things are different—there are concerns that in the future, the Fed may no longer be able to stick to "data-driven decisions." Could it be coerced by political pressure?

Powell’s stance is firm. He says he has been "performing his duties impartially," and his position will not change. But it must be acknowledged that this criminal charge is unprecedented—he views it as a signal of the current U.S. government’s "expanding pressure" on the Fed.

The seriousness of this matter is not just about an individual, but about the system. The independence of the Federal Reserve has long been regarded as a benchmark for central banks worldwide. If it succumbs to political games, what does that mean? The entire financial market’s expectations framework could be rewritten. This is a question that investors are closely watching—and the answer could very well determine the market’s direction in the coming period.