Recently, Fed Chairman Powell has faced unprecedented political pressure, primarily stemming from his refusal to blindly cut interest rates. According to reliable sources, Powell has made it clear to several colleagues and supporters that he will not yield to this pressure, nor will he resign as a result.

Powell believes that his position is no longer just about the individual, but also about the Fed's status as an independent institution. He privately stated that if he backs down now, it would mean that the line of defense the Fed has maintained against political interference for years would be breached.

Despite potentially continuing to be a target of criticism from the White House, Powell has still pledged to serve until the end of his term in 2026. As the U.S. elections approach, calls for interest rate cuts are growing louder, and the Fed's independence is facing rare challenges.

The risk of political forces attempting to intervene in monetary policy has drawn widespread attention from financial markets and academia. This situation not only affects the decision-making independence of the Fed but may also have far-reaching implications for the entire economic system.

In the face of this situation, Powell's resolute position is particularly important. His determination not only reflects personal professional ethics but also demonstrates a commitment to the Fed system. This game concerning the independence of the U.S. central bank may continue to unfold in the coming years, and its outcome will profoundly impact the direction of economic policies in the United States and globally.