Recently, the financial world has been quite turbulent: former Federal Reserve Chairmen Greenspan, Bernanke, and Yellen have unusually spoken out together, warning about the current phenomenon of political interference in central banks. Their core message is straightforward—if central banks are drawn into partisan political struggles, the stability of the entire financial system will be compromised.

Why are they so concerned? Simply put, the value of the Federal Reserve lies in one word: independence. It should not be driven by short-term political interests but instead rely on professional judgment to stabilize currency and financial order. Once this line of defense is broken, market expectations for policy continuity and credibility will collapse, and the risk of financial volatility will explode.

These former officials also raised a very poignant question: if central bank officials are frequently accused, threatened, or even subjected to accusatory language, can they avoid considering political consequences when making policy? If so, the core goals of controlling inflation, employment, and financial stability will be distracted. Once the systemic chilling effect takes hold, professional decision-making will be eroded.

Looking at the bigger picture, this debate reveals a deep-rooted contradiction between American political and economic governance. High interest rate environments, fiscal deficits, and election cycles stack up, turning monetary policy into a battleground of public opinion and political struggle. All parties want to benefit, but everyone knows that playing with fire is dangerous.

For the entire market, the collective voice of former Fed officials sends an important signal: central bank independence is regarded by the global financial system as the last pillar of stability. Bond markets, currency markets, crypto markets—any risk assets—could trigger chain reactions if this cornerstone is shaken. So, this is not just a domestic issue for the U.S.; global investors must pay close attention to this development.