<p>周一，所有主要股指均大幅下跌，<strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克 100 指数</strong> 当天均下跌约 3%，进一步加剧了近期的下滑。</p><p>下跌的主要原因是唐纳德·特朗普总统对美联储主席杰罗姆·鲍威尔施加的压力加大，要求降低利率。在一条社交媒体帖子中，特朗普警告称，除非利率立即下降，否则美国经济可能会放缓，并呼吁鲍威尔采取行动。</p><p>值得注意的是，特朗普对美联储及鲍威尔的批评并不新鲜。尽管特朗普在其第一任期内任命了鲍威尔，但在新冠疫情爆发前的几年里，他经常批评鲍威尔在缺乏通胀的情况下提高利率。</p><h2>这次有什么不同？</h2><p>这次的主要不同之处在于，特朗普公开提到了鲍威尔的 “解雇”，尽管总统在大多数解释下并没有法律权力解雇美联储主席。特朗普不仅在社交媒体上发表这样的评论，特朗普的法律团队据报道正在调查他是否可以合法地解除鲍威尔的职务。</p><p>作为背景，鲍威尔作为美联储主席的任期将在 2026 年 5 月正式到期。鲍威尔已经明确表示，他打算完成他的任期，特朗普无法合法解除他的职务。</p><p>鲍威尔还讨论了特朗普的贸易战可能是利率保持高位的原因之一。他最近表示：“就目前而言，我们处于一个良好的位置，可以等待更清晰的情况再考虑对我们的政策立场进行任何调整。” 换句话说，尽管特朗普批评他，但他并不急于降低利率。</p><h2>投资者应该担心吗？</h2><p>投资者似乎感到紧张的原因在于，美联储的独立性多年来一直是美国金融体系的关键部分。</p><p>几位金融专家和知名政治家警告投资者，如果特朗普真的试图解雇鲍威尔，可能会发生什么。马萨诸塞州参议员伊丽莎白·沃伦公开质疑美联储维持相对高利率的决定，警告称如果特朗普试图解雇鲍威尔，股市可能会崩盘。Evercore ISI 副主席克里希纳·古哈表示，市场可能会大幅抛售。CNBC 高级分析师罗恩·伊萨纳表示，这样的举动将损害全球对美国的信心。</p><h2>投资者已经失去信心了吗？</h2><p>有一些迹象表明，投资者已经开始感到担忧。除了股市暴跌外，美元也大幅贬值，处于自 2022 年熊市以来的最低水平。同时，“安全” 资产如黄金飙升，周一创下历史新高。</p><p>需要记住的一个重要原则是，股市不喜欢不确定性，而这正是你在近期市场行动中看到的很多情况。<strong>CBOE 波动率指数</strong>（^VIX 14.06%）——通常简称为 “VIX”——通常被认为是衡量股市投资者恐惧感的最佳指标。虽然它的水平还没有达到特朗普几周前关税公告后的水平，但 VIX 的水平已经是 11 月总统选举后水平的两倍多。</p><h2>投资者应该担心，还是寻找便宜货？</h2><p>这是个百万美元的问题。首先，如果你是长期投资者，只要你购买这些投资的初衷仍然适用，就没有必要恐慌并出售你计划长期持有的投资。以我个人为例，我四十多岁，绝对不会在我的退休账户中出售任何东西。</p><p>话虽如此，现在采取谨慎的投资策略可能是明智的，尤其是在将新资金投入快速增长或有些投机性的公司时。虽然我们都没有水晶球可以预测未来，但预计我们还没有看到 2025 年市场波动的最后一幕是明智的。这是一个前所未有的情况，任何投资者（或任何专家）能做的就是对某些情景可能发生的事情进行有根据的猜测。</p><p>在这种情况下，使用像定投这样的策略逐步建立你想长期持有的股票或 ETF 的头寸可能是有益的。从历史上看，当标准普尔 500 指数从近期高点回落超过 15% 时，就像 2025 年那样，从长期角度来看是一个良好的投资时机。但这并不意味着股票不能进一步下跌，因此在应对这个动荡的市场环境时，请牢记这一点。</p>

<p>特朗普总统对美联储主席杰罗姆·鲍威尔施加的压力不断升级，导致主要股指显著下跌，道琼斯指数、标准普尔 500 指数和纳斯达克 100 指数均下跌约 3%。特朗普最近关于可能解雇鲍威尔的言论引发了对美联储独立性的担忧，金融专家对此发出了可能市场崩盘的警告。投资者表现出不安的迹象，美元走弱和黄金价格飙升就是明证。尽管建议长期投资者不要恐慌，但在持续的市场波动中，新的投资仍需谨慎</p>

<p>All of the major stock market indices were sharply lower on Monday, with the <strong>Dow Jones Industrial Average</strong>, <strong>S&amp;P 500</strong>, and <strong>Nasdaq-100</strong> all down by about 3% for the day, adding to recent declines.</p>
<div class="lb-trans"><p>周一，所有主要股指均大幅下跌，<strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克 100 指数</strong> 当天均下跌约 3%，进一步加剧了近期的下滑。</p>
</div><p>The main reason for the declines is President Donald Trump's intensifying pressure on Federal Reserve Chairman Jerome Power to lower interest rates. In a social media post, Trump warned that the U.S. economy could slow down unless interest rates were to fall right away and called on Powell to do just that.</p>
<div class="lb-trans"><p>下跌的主要原因是唐纳德·特朗普总统对美联储主席杰罗姆·鲍威尔施加的压力加大，要求降低利率。在一条社交媒体帖子中，特朗普警告称，除非利率立即下降，否则美国经济可能会放缓，并呼吁鲍威尔采取行动。</p>
</div><p>To be sure, Trump's criticism of the Fed, and Powell in particular, is nothing new. Although Trump himself appointed Powell during his first term, he frequently criticized Powell in the years leading up to the COVID-19 pandemic for raising interest rates despite a lack of inflation.</p>
<div class="lb-trans"><p>值得注意的是，特朗普对美联储及鲍威尔的批评并不新鲜。尽管特朗普在其第一任期内任命了鲍威尔，但在新冠疫情爆发前的几年里，他经常批评鲍威尔在缺乏通胀的情况下提高利率。</p>
</div><h2>What's different this time?</h2>
<div class="lb-trans"><h2>这次有什么不同？</h2>
</div><p>The major difference this time is that Trump has openly mentioned Powell's &#34;termination,&#34; even though the president doesn't (at least under most interpretations) have the legal authority to fire the Federal Reserve chair. Not only is Trump making comments like this on social media, but Trump's legal team is reportedly investigating whether he can legally remove Powell.</p>
<div class="lb-trans"><p>这次的主要不同之处在于，特朗普公开提到了鲍威尔的 “解雇”，尽管总统在大多数解释下并没有法律权力解雇美联储主席。特朗普不仅在社交媒体上发表这样的评论，特朗普的法律团队据报道正在调查他是否可以合法地解除鲍威尔的职务。</p>
</div><p>For context, Powell's term as Fed chair officially expires in May 2026. And Powell has made it very clear he intends to finish his term, and that Trump cannot legally remove him.</p>
<div class="lb-trans"><p>作为背景，鲍威尔作为美联储主席的任期将在 2026 年 5 月正式到期。鲍威尔已经明确表示，他打算完成他的任期，特朗普无法合法解除他的职务。</p>
</div><p>Powell has also discussed Trump's trade war as a potential reason rates could stay elevated. He recently said that &#34;For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance.&#34; In other words, despite Trump's criticism, he's in no rush to lower rates.</p>
<div class="lb-trans"><p>鲍威尔还讨论了特朗普的贸易战可能是利率保持高位的原因之一。他最近表示：“就目前而言，我们处于一个良好的位置，可以等待更清晰的情况再考虑对我们的政策立场进行任何调整。” 换句话说，尽管特朗普批评他，但他并不急于降低利率。</p>
</div><h2>Should investors worry?</h2>
<div class="lb-trans"><h2>投资者应该担心吗？</h2>
</div><p>The reason investors seem to be on edge is that the independence of the Federal Reserve has been a key part of the U.S. financial system for many years.</p>
<div class="lb-trans"><p>投资者似乎感到紧张的原因在于，美联储的独立性多年来一直是美国金融体系的关键部分。</p>
</div><p>Several financial experts and notable politicians have warned investors about what could happen if Trump actually attempts to fire Powell. Senator Elizabeth Warren, D-Mass., who has herself openly questioned the Fed's decision to keep interest rates relatively high, warned that the stock market could crash if Trump attempts to fire Powell. Evercore ISI Vice Chairman Krishna Guha said the market would likely sell off. CNBC senior analyst Ron Insana said that such a move would hurt global confidence in the United States.</p>
<div class="lb-trans"><p>几位金融专家和知名政治家警告投资者，如果特朗普真的试图解雇鲍威尔，可能会发生什么。马萨诸塞州参议员伊丽莎白·沃伦公开质疑美联储维持相对高利率的决定，警告称如果特朗普试图解雇鲍威尔，股市可能会崩盘。Evercore ISI 副主席克里希纳·古哈表示，市场可能会大幅抛售。CNBC 高级分析师罗恩·伊萨纳表示，这样的举动将损害全球对美国的信心。</p>
</div><h2>Are investors already losing confidence?</h2>
<div class="lb-trans"><h2>投资者已经失去信心了吗？</h2>
</div><p>There are some signs that investors are already getting concerned. In addition to the stock market plunge, the U.S. dollar has weakened dramatically and is at its lowest level since the 2022 bear market. Meanwhile, &#34;safe&#34; assets have been soaring, such as gold, which hit a record high on Monday.</p>
<div class="lb-trans"><p>有一些迹象表明，投资者已经开始感到担忧。除了股市暴跌外，美元也大幅贬值，处于自 2022 年熊市以来的最低水平。同时，“安全” 资产如黄金飙升，周一创下历史新高。</p>
</div><p>One big principle to keep in mind is that the stock market doesn't like uncertainty, and that's a lot of what you're seeing in the recent market action. The <strong>CBOE Volatility Index</strong>(^VIX 14.06%) -- often referred to as simply as the &#34;VIX&#34; -- is generally thought of as the best gauge of investor fear in the stock market. While it isn't quite where it was immediately after Trump's tariff announcement a couple of weeks ago, the VIX sits at more than <em>double</em> the level immediately after the November presidential election.</p>
<div class="lb-trans"><p>需要记住的一个重要原则是，股市不喜欢不确定性，而这正是你在近期市场行动中看到的很多情况。<strong>CBOE 波动率指数</strong>（^VIX 14.06%）——通常简称为 “VIX”——通常被认为是衡量股市投资者恐惧感的最佳指标。虽然它的水平还没有达到特朗普几周前关税公告后的水平，但 VIX 的水平已经是 11 月总统选举后水平的两倍多。</p>
</div><h2>Should investors worry, or look for bargains?</h2>
<div class="lb-trans"><h2>投资者应该担心，还是寻找便宜货？</h2>
</div><p>This is the million-dollar question. First off, if you're a long-term investor, there's no need to panic and sell investments you plan to hold for the long run, as long as the original reasons you bought them still apply. As a personal example, I'm in my mid-40s, and absolutely will not sell anything in my retirement accounts over this.</p>
<div class="lb-trans"><p>这是个百万美元的问题。首先，如果你是长期投资者，只要你购买这些投资的初衷仍然适用，就没有必要恐慌并出售你计划长期持有的投资。以我个人为例，我四十多岁，绝对不会在我的退休账户中出售任何东西。</p>
</div><p>Having said that, it could be a smart time to take a cautious approach to investing, especially when it comes to putting new money to work in fast-growing or somewhat speculative companies. While none of us have a crystal ball that can predict the future, it would be wise to expect that we haven't seen the last of the 2025 market volatility. This is an unprecedented situation, and all any investor (or any expert) can really do is make educated guesses about what might happen in certain scenarios.</p>
<div class="lb-trans"><p>话虽如此，现在采取谨慎的投资策略可能是明智的，尤其是在将新资金投入快速增长或有些投机性的公司时。虽然我们都没有水晶球可以预测未来，但预计我们还没有看到 2025 年市场波动的最后一幕是明智的。这是一个前所未有的情况，任何投资者（或任何专家）能做的就是对某些情景可能发生的事情进行有根据的猜测。</p>
</div><p>This is the type of situation where it can be beneficial to use strategies like dollar-cost averaging to gradually build positions in stocks or ETFs you want to own for the long term. Historically, when the S&amp;P 500 pulls back by more than 15% from its recent high, like it has in 2025, it's a good time to invest from a long-term perspective. But that doesn't mean stocks can't fall even further, so keep this in mind as you navigate this turbulent market environment.</p>
<div class="lb-trans"><p>在这种情况下，使用像定投这样的策略逐步建立你想长期持有的股票或 ETF 的头寸可能是有益的。从历史上看，当标准普尔 500 指数从近期高点回落超过 15% 时，就像 2025 年那样，从长期角度来看是一个良好的投资时机。但这并不意味着股票不能进一步下跌，因此在应对这个动荡的市场环境时，请牢记这一点。</p>
</div>

Trump's Feud With the Fed: Should Investors Be Worried?

- 美国主要股指周一大幅下跌，均下跌约 3%。
- 下跌原因是特朗普施压美联储主席鲍威尔降息，市场对美联储独立性担忧加剧。
- 投资者信心减弱，美元贬值，黄金价格创纪录高位。

特朗普与美联储的争端：投资者是否应该感到担忧？