#MSCI未排除数字资产财库企业纳入范围 **The Federal Reserve's Independence Faces Tests: How Should the Market Respond?**

Recently, a quite attention-grabbing development has occurred—the U.S. Department of Justice has initiated a criminal investigation into Federal Reserve Chair Jerome Powell. The apparent reason is related to a cost issue, but Powell has publicly stated that it’s not as simple as a legal matter. He directly said: This is an attempt to undermine the Federal Reserve and weaken its independence.

At this point, it’s important to understand the significance of the Federal Reserve’s independence to the market. Imagine if the central bank’s decision-making power is politically influenced, then major decisions like interest rate adjustments and inflation control would become a game of power. In the long run, the price trends of cryptocurrencies like $BTC and $ETH, as well as the expectations of the entire financial market, could be disrupted—because the underlying logic of liquidity and monetary policy would become unpredictable.

Powell’s core stance is clear: the investigation is essentially a means for the Trump administration to influence or even control the Federal Reserve’s decision-making mechanism. If this becomes true, tensions between the executive branch and financial regulators will escalate significantly, potentially sparking a global debate on whether governments should intervene in central banks.

For traders, such political turmoil often means increased market volatility. Uncertainty about policy expectations can directly impact asset prices. Therefore, it’s necessary to keep an eye on this development—it could change the future policy pace of the Federal Reserve.