Trump has caused trouble again. This time, he didn't spare the "brain" of the U.S. economy—the Federal Reserve.

On January 14, he publicly questioned the independence of the Federal Reserve, even hinting at the possibility of arranging a replacement for Chair Powell after his term ends in May this year. Although he claimed on the surface that he had no immediate plans to directly challenge Powell, the phrase "it's too early to draw conclusions" instantly tightened the nerves of the entire financial circle.

Global central banks are uneasy. This is not just a domestic issue in the United States but touches the bottom line of the global financial system for nearly 50 years. Former European Central Bank President Trichet bluntly stated: The White House's approach essentially aims to turn the Federal Reserve from an independent institution into a "obedient tool" of the government, which is a devastating blow to the entire global financial infrastructure.

Subsequently, several central bank leaders from the UK and Europe unusually voiced support for Powell's independent decision-making power. Finland's central bank governor Rinne went straight to the core: The independence of the Federal Reserve is the fundamental guarantee of global price stability. Once this trust foundation is shaken, the consequences could be dire—global inflation could structurally rise, and no country will be immune.

The real crisis is actually far more than that.

In-depth, the current challenge the U.S. faces is a credit crisis. Debt piles up like mountains, yet the market remains strangely calm. If the independence of the Federal Reserve is truly compromised, it could trigger a series of domino effects:

**Collapse of dollar credibility**—Global trust in the dollar wavers, and long-term depreciation pressures continue to accumulate.

**Global inflation out of control**—Once monetary policy becomes a political tool, the price stability mechanism is thoroughly disrupted.

**Debt chain breakdown**—The U.S.'s reliance on low interest rates to sustain high debt levels could suddenly cause the financing chain to collapse at any moment.

Citibank's warning is worth noting: this challenge to central bank independence is virus-like in its transmissibility. Europe and the UK could face similar pressures.

Trump clearly turns a deaf ear to these warnings. He insists that he understands the economy better than "slow-moving Powell," and has even already identified potential successors—two "Kevins," former Fed official Wosh and former economic advisor Hasset. In his view, this confrontation is a game for control over economic policy decision-making.

But for financial markets, the cost of this "game" could be far heavier than imagined. As a barometer of the global financial system, the crypto market has already reflected investor anxiety through price volatility. If the independence of the Federal Reserve is truly weakened, the next storm may be just around the corner.