#美联储利率政策# This report reminds me of that period in 2019. At that time, Trump frequently criticized Powell's interest rate policy and called for rate cuts. Now, four years later, history seems to be repeating itself.

Looking back, the Federal Reserve's interest rate policy has always been a barometer for the financial markets. After the 2008 financial crisis, a low interest rate environment lasting nearly a decade gave rise to numerous bubbles. The interest rate hike cycle that began in 2018 has triggered market turmoil.

Today, in the face of high inflation, the Federal Reserve has to adopt a hawkish stance. However, political pressure is always present, which reminds me of Nixon's pressure on then-Fed Chairman Burns in the 1970s. History is always remarkably similar.

In the long run, the independence of the Federal Reserve is crucial. However, in the short term, the interplay between politics and economics is likely unavoidable. For us, the key is to objectively analyze the data and not be disturbed by short-term noise. After all, the market will eventually return to rationality, and focusing on the fundamentals is the right approach.