<p>华盛顿（美联社）——唐纳德·特朗普总统在对联邦储备委员会及其主席杰罗姆·鲍威尔的攻击中开辟了新的战线：他表示，涉嫌对一项建筑翻新项目的管理不善可能成为解雇鲍威尔的理由。</p>
<p>获取 <strong>股市新闻</strong> 提醒：</p>
<p>如此前所未有的举措可能会使金融市场陷入动荡，并随着时间推移推高利率，削弱美国经济。如果投资者开始担心联邦储备不再独立，购买美国国债的人可能会减少，这将推高这些债券的利率，并更广泛地提高借贷成本。</p>
<p>特朗普已经批评鲍威尔数月，因为鲍威尔在今年将联邦储备控制的短期利率维持在 4.3%，而去年则降低了三次。鲍威尔表示，联邦储备希望观察经济对特朗普对进口征收的高额关税的反应，而鲍威尔认为这可能会推高通货膨胀。</p>
<p>鲍威尔的谨慎让特朗普感到愤怒，他要求联邦储备降低借贷成本，以刺激经济并减少联邦政府在债务上支付的利率。</p>
<p>解雇联邦储备主席将威胁到联邦储备备受尊敬的独立性，这一独立性长期以来得到了大多数经济学家和华尔街投资者的支持。以下是关于联邦储备的一些问题和答案。</p>
<p>它的建筑项目进展如何？</p>
<p>联邦储备正在翻新其位于华盛顿特区的总部和一栋邻近建筑。由于部分施工发生在地下，并且在 2021 年和 2022 年通货膨胀飙升后建筑材料价格大幅上涨，预计成本已从 19 亿美元飙升至约 25 亿美元。</p>
<p>当被问及昂贵的重建是否可能成为解雇鲍威尔的理由时，特朗普最近表示：“我认为是的。”</p>
<p>“当你花费 25 亿美元进行真正的翻新时，我认为这真的很可耻，” 特朗普说。</p>
<p>然而在 2020 年，美联社报道，特朗普任命的几位地方审查委员会成员推动联邦储备在翻新中使用更多大理石。然而现在白宫官员和其他项目批评者则将大理石视为奢华的标志。</p>
<p>为什么联邦储备的独立性很重要？</p>
<p>联邦储备对美国经济拥有广泛的权力。通过降低其控制的短期利率——通常在经济疲软时采取这一措施——联邦储备可以降低借贷成本，鼓励更多消费，从而加速增长和招聘。当它提高利率时——通常是为了冷却经济和应对通货膨胀——则可能削弱经济并导致失业。</p>
<p>经济学家长期以来更倾向于独立的中央银行，因为它们可以更容易地采取不受欢迎的措施来应对通货膨胀，例如提高利率，这会使购房、购车或购买家电的借贷成本更高。</p>
<p>对于大多数经济学家而言，独立的联邦储备的重要性在 1970 年代和 1980 年代初期的长期通货膨胀高峰后得到了巩固。前联邦储备主席亚瑟·伯恩斯因屈服于理查德·尼克松总统的压力而被广泛指责，导致那个时代痛苦的通货膨胀加剧，尼克松希望在 1972 年选举前保持低利率。他担心更高的利率会让他失去选举，而他最终以压倒性优势获胜。</p>
<p>保罗·沃尔克最终在 1979 年被吉米·卡特总统任命为联邦储备主席，他将联邦储备的短期利率推高至近 20% 的惊人水平。（目前为 4.3%）。这一令人瞩目的利率引发了剧烈的经济衰退，使失业率接近 11%，并引发了广泛的抗议。</p>
<p>然而沃尔克并没有退缩。到 1980 年代中期，通货膨胀已回落至低个位数。沃尔克愿意对经济施加痛苦以遏制通货膨胀，被大多数经济学家视为独立联邦储备价值的关键例证。</p>
<p>华尔街投资者怎么看？</p>
<p>试图解雇鲍威尔几乎肯定会导致股价下跌，债券收益率飙升，推高政府债务的利率，并提高抵押贷款、汽车贷款和信用卡债务的借贷成本。10 年期国债的利率是抵押贷款利率的基准。</p>
<p>大多数投资者更倾向于独立的联邦储备，部分原因是它通常在不受政治影响的情况下更好地管理通货膨胀，同时其决策也更具可预测性。联邦储备官员通常会公开讨论如果经济条件发生变化，他们将如何调整利率政策。</p>
<p>如果联邦储备更容易受到政治影响，金融市场将更难以预测或理解其决策。</p>
<p>那么这是否意味着联邦储备完全不受监督？</p>
<p>其实不是。像鲍威尔这样的联邦储备主席由总统任命，任期四年，并需得到参议院确认。总统还任命联邦储备理事会的其他六名成员，他们的任期可以错开，最长可达 14 年。</p>
<p>这些任命可以使总统在一段时间内显著改变联邦储备的政策。前总统乔·拜登任命了目前七名成员中的五名：鲍威尔、丽莎·库克、菲利普·杰弗逊、阿德里安娜·库格勒和迈克尔·巴尔。因此，特朗普将有更少的机会进行任命。他将能够替换库格勒，她的任期将于 2026 年 1 月 31 日结束。</p>
<p>与此同时，国会可以通过立法设定联邦储备的目标。例如，在 1977 年，国会赋予联邦储备 “双重使命”，以保持价格稳定并寻求最大就业。联邦储备将稳定价格定义为通货膨胀率为 2%。</p>
<p>1977 年的法律还要求联邦储备主席每年在众议院和参议院就经济和利率政策进行两次作证。</p>
<p>但总统可以解雇鲍威尔吗？</p>
<p>最高法院今年早些时候在对其他独立机构的裁决中暗示，总统不能仅仅因为不喜欢主席的政策选择而解雇联邦储备主席。但他可能能够 “因故” 将其解雇，通常被解释为某种不当行为或疏忽。</p>
<p>这很可能是特朗普政府关注建筑翻新工作的原因，希望这可以提供一个 “正当理由” 的借口。不过，鲍威尔可能会抵制任何试图罢免他的行为，这个案件可能最终会进入最高法院。</p>
<h2>你现在应该投资 $1,000 到哪里？</h2>
<p>在你进行下一笔交易之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及他们推荐给客户的股票。</p>
<p>我们的团队已经确定了五只股票，顶级分析师正在悄悄地向他们的客户推荐，现在就买入，以便在更广泛的市场注意到之前……而且这些大牌股票都不在名单上。</p>
<p>他们认为这五只股票是投资者现在应该购买的五家最佳公司……</p>
<p>在这里查看这五只股票</p>

标普 500 指数

<p>总统唐纳德·特朗普在对联邦储备委员会及其主席杰罗姆·鲍威尔的攻击中开辟了一个新战线：他表示，涉嫌对一项建筑翻新项目的管理不善可能成为解雇鲍威尔的理由</p>

<p>WASHINGTON (AP) — President Donald Trump has opened up a new front in his attack on the Federal Reserve and its chair, Jerome Powell: He says the alledged mismanagement of a building renovation project could be grounds for firing Powell.</p>
<div class="lb-trans"><p>华盛顿（美联社）——唐纳德·特朗普总统在对联邦储备委员会及其主席杰罗姆·鲍威尔的攻击中开辟了新的战线：他表示，涉嫌对一项建筑翻新项目的管理不善可能成为解雇鲍威尔的理由。</p>
</div><p>Get <strong>stock market news</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>股市新闻</strong> 提醒：</p>
</div><p>Such an unprecedented step could send the financial markets into a tailspin and over time push up interest rates and weaken the U.S. economy. If investors start to worry the Fed is no longer independent, fewer may buy U.S. bonds, which would push up the interest rate on those bonds and lift borrowing costs more broadly.</p>
<div class="lb-trans"><p>如此前所未有的举措可能会使金融市场陷入动荡，并随着时间推移推高利率，削弱美国经济。如果投资者开始担心联邦储备不再独立，购买美国国债的人可能会减少，这将推高这些债券的利率，并更广泛地提高借贷成本。</p>
</div><p>Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation.</p>
<div class="lb-trans"><p>特朗普已经批评鲍威尔数月，因为鲍威尔在今年将联邦储备控制的短期利率维持在 4.3%，而去年则降低了三次。鲍威尔表示，联邦储备希望观察经济对特朗普对进口征收的高额关税的反应，而鲍威尔认为这可能会推高通货膨胀。</p>
</div><p>Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt.</p>
<div class="lb-trans"><p>鲍威尔的谨慎让特朗普感到愤怒，他要求联邦储备降低借贷成本，以刺激经济并减少联邦政府在债务上支付的利率。</p>
</div><p>Firing the Fed chair would threaten the Fed’s venerated independence, which has long been supported by most economists and Wall Street investors. Here are some questions and answers about the Fed.</p>
<div class="lb-trans"><p>解雇联邦储备主席将威胁到联邦储备备受尊敬的独立性，这一独立性长期以来得到了大多数经济学家和华尔街投资者的支持。以下是关于联邦储备的一些问题和答案。</p>
</div><p>What's going on with its building project?</p>
<div class="lb-trans"><p>它的建筑项目进展如何？</p>
</div><p>The Fed has been renovating its Washington, D.C. headquarters and a neighboring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned to about $2.5 billion, from $1.9 trillion.</p>
<div class="lb-trans"><p>联邦储备正在翻新其位于华盛顿特区的总部和一栋邻近建筑。由于部分施工发生在地下，并且在 2021 年和 2022 年通货膨胀飙升后建筑材料价格大幅上涨，预计成本已从 19 亿美元飙升至约 25 亿美元。</p>
</div><p>When asked if the costly rebuilding could be grounds to fire Powell, Trump said recently, “I think it is.”</p>
<div class="lb-trans"><p>当被问及昂贵的重建是否可能成为解雇鲍威尔的理由时，特朗普最近表示：“我认为是的。”</p>
</div><p>“When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” Trump said.</p>
<div class="lb-trans"><p>“当你花费 25 亿美元进行真正的翻新时，我认为这真的很可耻，” 特朗普说。</p>
</div><p>Yet in 2020, The Associated Press has reported, several Trump appointees to a local review commission pushed the Fed to include more marble in the renovation. Yet now White House officials and other critics of the project are pointing to the marble as a sign of extravagance.</p>
<div class="lb-trans"><p>然而在 2020 年，美联社报道，特朗普任命的几位地方审查委员会成员推动联邦储备在翻新中使用更多大理石。然而现在白宫官员和其他项目批评者则将大理石视为奢华的标志。</p>
</div><p>Why does the Fed's independence matter?</p>
<div class="lb-trans"><p>为什么联邦储备的独立性很重要？</p>
</div><p>The Fed wields extensive power over the U.S. economy. By cutting the short-term interest rate it controls — which it typically does when the economy falters — the Fed can make borrowing cheaper and encourage more spending, accelerating growth and hiring. When it raises the rate — which it does to cool the economy and combat inflation — it can weaken the economy and cause job losses.</p>
<div class="lb-trans"><p>联邦储备对美国经济拥有广泛的权力。通过降低其控制的短期利率——通常在经济疲软时采取这一措施——联邦储备可以降低借贷成本，鼓励更多消费，从而加速增长和招聘。当它提高利率时——通常是为了冷却经济和应对通货膨胀——则可能削弱经济并导致失业。</p>
</div><p>Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation, such as raise interest rates, which makes borrowing to buy a home, car, or appliance more expensive.</p>
<div class="lb-trans"><p>经济学家长期以来更倾向于独立的中央银行，因为它们可以更容易地采取不受欢迎的措施来应对通货膨胀，例如提高利率，这会使购房、购车或购买家电的借贷成本更高。</p>
</div><p>The importance of an independent Fed was cemented for most economists after the extended inflation spike of the 1970s and early 1980s. Former Fed Chair Arthur Burns has been widely blamed for allowing the painful inflation of that era to accelerate by succumbing to pressure from President Richard Nixon to keep rates low heading into the 1972 election. Nixon feared higher rates would cost him the election, which he won in a landslide.</p>
<div class="lb-trans"><p>对于大多数经济学家而言，独立的联邦储备的重要性在 1970 年代和 1980 年代初期的长期通货膨胀高峰后得到了巩固。前联邦储备主席亚瑟·伯恩斯因屈服于理查德·尼克松总统的压力而被广泛指责，导致那个时代痛苦的通货膨胀加剧，尼克松希望在 1972 年选举前保持低利率。他担心更高的利率会让他失去选举，而他最终以压倒性优势获胜。</p>
</div><p>Paul Volcker was eventually appointed chair of the Fed in 1979 by President Jimmy Carter, and he pushed the Fed's short-term rate to the stunningly high level of nearly 20%. (It is currently 4.3%). The eye-popping rates triggered a sharp recession, pushed unemployment to nearly 11%, and spurred widespread protests.</p>
<div class="lb-trans"><p>保罗·沃尔克最终在 1979 年被吉米·卡特总统任命为联邦储备主席，他将联邦储备的短期利率推高至近 20% 的惊人水平。（目前为 4.3%）。这一令人瞩目的利率引发了剧烈的经济衰退，使失业率接近 11%，并引发了广泛的抗议。</p>
</div><p>Yet Volcker didn't flinch. By the mid-1980s, inflation had fallen back into the low single digits. Volcker's willingness to inflict pain on the economy to throttle inflation is seen by most economists as a key example of the value of an independent Fed.</p>
<div class="lb-trans"><p>然而沃尔克并没有退缩。到 1980 年代中期，通货膨胀已回落至低个位数。沃尔克愿意对经济施加痛苦以遏制通货膨胀，被大多数经济学家视为独立联邦储备价值的关键例证。</p>
</div><p>What do Wall Street investors think?</p>
<div class="lb-trans"><p>华尔街投资者怎么看？</p>
</div><p>An effort to fire Powell would almost certainly cause stock prices to fall and bond yields to spike higher, pushing up interest rates on government debt and raising borrowing costs for mortgages, auto loans, and credit card debt. The interest rate on the 10-year Treasury is a benchmark for mortgage rates.</p>
<div class="lb-trans"><p>试图解雇鲍威尔几乎肯定会导致股价下跌，债券收益率飙升，推高政府债务的利率，并提高抵押贷款、汽车贷款和信用卡债务的借贷成本。10 年期国债的利率是抵押贷款利率的基准。</p>
</div><p>Most investors prefer an independent Fed, partly because it typically manages inflation better without being influenced by politics but also because its decisions are more predictable. Fed officials often publicly discuss how they would alter interest rate policies if economic conditions changed.</p>
<div class="lb-trans"><p>大多数投资者更倾向于独立的联邦储备，部分原因是它通常在不受政治影响的情况下更好地管理通货膨胀，同时其决策也更具可预测性。联邦储备官员通常会公开讨论如果经济条件发生变化，他们将如何调整利率政策。</p>
</div><p>If the Fed was more swayed by politics, it would be harder for financial markets to anticipate — or understand — its decisions.</p>
<div class="lb-trans"><p>如果联邦储备更容易受到政治影响，金融市场将更难以预测或理解其决策。</p>
</div><p>So does that mean the Fed is completely unaccountable?</p>
<div class="lb-trans"><p>那么这是否意味着联邦储备完全不受监督？</p>
</div><p>Well, no. Fed chairs like Powell are appointed by the president to serve four-year terms, and have to be confirmed by the Senate. The president also appoints the six other members of the Fed's governing board, who can serve staggered terms of up to 14 years.</p>
<div class="lb-trans"><p>其实不是。像鲍威尔这样的联邦储备主席由总统任命，任期四年，并需得到参议院确认。总统还任命联邦储备理事会的其他六名成员，他们的任期可以错开，最长可达 14 年。</p>
</div><p>Those appointments can allow a president over time to significantly alter the Fed's policies. Former president Joe Biden appointed five of the current seven members: Powell, Lisa Cook, Philip Jefferson, Adriana Kugler, and Michael Barr. As a result, Trump will have fewer opportunities to make appointments. He will be able to replace Kugler, whose term ends Jan. 31, 2026.</p>
<div class="lb-trans"><p>这些任命可以使总统在一段时间内显著改变联邦储备的政策。前总统乔·拜登任命了目前七名成员中的五名：鲍威尔、丽莎·库克、菲利普·杰弗逊、阿德里安娜·库格勒和迈克尔·巴尔。因此，特朗普将有更少的机会进行任命。他将能够替换库格勒，她的任期将于 2026 年 1 月 31 日结束。</p>
</div><p>Congress, meanwhile, can set the Fed's goals through legislation. In 1977, for example, Congress gave the Fed a “dual mandate” to keep prices stable and seek maximum employment. The Fed defines stable prices as inflation at 2%.</p>
<div class="lb-trans"><p>与此同时，国会可以通过立法设定联邦储备的目标。例如，在 1977 年，国会赋予联邦储备 “双重使命”，以保持价格稳定并寻求最大就业。联邦储备将稳定价格定义为通货膨胀率为 2%。</p>
</div><p>The 1977 law also requires the Fed chair to testify before the House and Senate twice every year about the economy and interest rate policy.</p>
<div class="lb-trans"><p>1977 年的法律还要求联邦储备主席每年在众议院和参议院就经济和利率政策进行两次作证。</p>
</div><p>But can the president fire Powell?</p>
<div class="lb-trans"><p>但总统可以解雇鲍威尔吗？</p>
</div><p>The Supreme Court earlier this year suggested in a ruling on other independent agencies that a president can't fire the chair of the Fed just because he doesn't like the chair's policy choices. But he may be able to remove him “for cause,” typically interpreted to mean some kind of wrongdoing or negligence.</p>
<div class="lb-trans"><p>最高法院今年早些时候在对其他独立机构的裁决中暗示，总统不能仅仅因为不喜欢主席的政策选择而解雇联邦储备主席。但他可能能够 “因故” 将其解雇，通常被解释为某种不当行为或疏忽。</p>
</div><p>It's a likely reason the Trump administration has zeroed in on the building renovation, in hopes it could provide a “for cause” pretext. Still, Powell would likely fight any attempt to remove him, and the case could wind up at the Supreme Court.</p>
<div class="lb-trans"><p>这很可能是特朗普政府关注建筑翻新工作的原因，希望这可以提供一个 “正当理由” 的借口。不过，鲍威尔可能会抵制任何试图罢免他的行为，这个案件可能最终会进入最高法院。</p>
</div><h2>Where Should You Invest $1,000 Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 $1,000 到哪里？</h2>
</div><p>Before you make your next trade, you'll want to hear this.</p>
<div class="lb-trans"><p>在你进行下一笔交易之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及他们推荐给客户的股票。</p>
</div><p>Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.</p>
<div class="lb-trans"><p>我们的团队已经确定了五只股票，顶级分析师正在悄悄地向他们的客户推荐，现在就买入，以便在更广泛的市场注意到之前……而且这些大牌股票都不在名单上。</p>
</div><p>They believe these five stocks are the five best companies for investors to buy now...</p>
<div class="lb-trans"><p>他们认为这五只股票是投资者现在应该购买的五家最佳公司……</p>
</div><p>See The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

特朗普对鲍威尔的攻击威胁美联储的独立性。以下是原因