#密码资产动态追踪 2026 marks the beginning of the year, and the global financial landscape is shaking intensely. A rare power struggle is unfolding on Wall Street — tensions between the White House and the Federal Reserve are escalating, causing sharp market reactions.

On the surface, this appears to be a dispute over interest rate policies; in reality, this struggle touches on a deeper issue: the very credibility of the US dollar system.

The White House’s pressure is relentless. From rumors of judicial investigations, to public statements on Twitter, and radical proposals like "Mortgage QE," policy signals are becoming increasingly aggressive. Meanwhile, Fed Chair Jerome Powell remains firm, repeatedly emphasizing the independence of the central bank. Interestingly, internal voices are beginning to waver — indicating that policy space is indeed changing.

The market has already provided the answer. The US dollar index plummeted in a single day, experiencing a rare decline not seen in a decade; reports of large-scale Japanese Treasury bond sales emerged; global capital flocked to gold as a safe haven, with London gold prices surpassing $4600; Asian stock markets also reacted with counter-moves amid this turbulence. Leading institutions like BlackRock and Lazard are adjusting their US debt allocations, and the European Central Bank has publicly warned that dollar dominance is under challenge.

History is a good teacher. Fifty years ago, Nixon’s intervention in the central bank triggered a decade-long stagflation in the US; today, political forces are once again reaching into monetary policy, while the US economy shows signs of fatigue — weak non-farm payrolls and rising unemployment. If rate cuts are made impulsively for political reasons, the flames could ignite a financial crisis.

The real issue lies here: as central banks worldwide accelerate diversification of foreign exchange reserves, and more capital begins to scrutinize the true value of US debt, the credibility foundation of the dollar is being eroded. The violent rise in gold prices and the reallocation of reserve assets by various countries are signals.

What do you think of this struggle? Can Trump change the Federal Reserve’s policy direction? Once the dollar’s dominance is truly shaken, what will be the next global reserve currency? Share your thoughts in the comments.