<p>週一，所有主要股指均大幅下跌，<strong>道瓊斯工業平均指數</strong>、<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克 100 指數</strong> 當天均下跌約 3%，進一步加劇了近期的下滑。</p><p>下跌的主要原因是唐納德·特朗普總統對美聯儲主席傑羅姆·鮑威爾施加的壓力加大，要求降低利率。在一條社交媒體帖子中，特朗普警告稱，除非利率立即下降，否則美國經濟可能會放緩，並呼籲鮑威爾採取行動。</p><p>值得注意的是，特朗普對美聯儲及鮑威爾的批評並不新鮮。儘管特朗普在其第一任期內任命了鮑威爾，但在新冠疫情爆發前的幾年裏，他經常批評鮑威爾在缺乏通脹的情況下提高利率。</p><h2>這次有什麼不同？</h2><p>這次的主要不同之處在於，特朗普公開提到了鮑威爾的 “解僱”，儘管總統在大多數解釋下並沒有法律權力解僱美聯儲主席。特朗普不僅在社交媒體上發表這樣的評論，特朗普的法律團隊據報道正在調查他是否可以合法地解除鮑威爾的職務。</p><p>作為背景，鮑威爾作為美聯儲主席的任期將在 2026 年 5 月正式到期。鮑威爾已經明確表示，他打算完成他的任期，特朗普無法合法解除他的職務。</p><p>鮑威爾還討論了特朗普的貿易戰可能是利率保持高位的原因之一。他最近表示：“就目前而言，我們處於一個良好的位置，可以等待更清晰的情況再考慮對我們的政策立場進行任何調整。” 換句話説，儘管特朗普批評他，但他並不急於降低利率。</p><h2>投資者應該擔心嗎？</h2><p>投資者似乎感到緊張的原因在於，美聯儲的獨立性多年來一直是美國金融體系的關鍵部分。</p><p>幾位金融專家和知名政治家警告投資者，如果特朗普真的試圖解僱鮑威爾，可能會發生什麼。馬薩諸塞州參議員伊麗莎白·沃倫公開質疑美聯儲維持相對高利率的決定，警告稱如果特朗普試圖解僱鮑威爾，股市可能會崩盤。Evercore ISI 副主席克里希納·古哈表示，市場可能會大幅拋售。CNBC 高級分析師羅恩·伊薩納表示，這樣的舉動將損害全球對美國的信心。</p><h2>投資者已經失去信心了嗎？</h2><p>有一些跡象表明，投資者已經開始感到擔憂。除了股市暴跌外，美元也大幅貶值，處於自 2022 年熊市以來的最低水平。同時，“安全” 資產如黃金飆升，週一創下歷史新高。</p><p>需要記住的一個重要原則是，股市不喜歡不確定性，而這正是你在近期市場行動中看到的很多情況。<strong>CBOE 波動率指數</strong>（^VIX 14.06%）——通常簡稱為 “VIX”——通常被認為是衡量股市投資者恐懼感的最佳指標。雖然它的水平還沒有達到特朗普幾周前關税公告後的水平，但 VIX 的水平已經是 11 月總統選舉後水平的兩倍多。</p><h2>投資者應該擔心，還是尋找便宜貨？</h2><p>這是個百萬美元的問題。首先，如果你是長期投資者，只要你購買這些投資的初衷仍然適用，就沒有必要恐慌並出售你計劃長期持有的投資。以我個人為例，我四十多歲，絕對不會在我的退休賬户中出售任何東西。</p><p>話雖如此，現在採取謹慎的投資策略可能是明智的，尤其是在將新資金投入快速增長或有些投機性的公司時。雖然我們都沒有水晶球可以預測未來，但預計我們還沒有看到 2025 年市場波動的最後一幕是明智的。這是一個前所未有的情況，任何投資者（或任何專家）能做的就是對某些情景可能發生的事情進行有根據的猜測。</p><p>在這種情況下，使用像定投這樣的策略逐步建立你想長期持有的股票或 ETF 的頭寸可能是有益的。從歷史上看，當標準普爾 500 指數從近期高點回落超過 15% 時，就像 2025 年那樣，從長期角度來看是一個良好的投資時機。但這並不意味着股票不能進一步下跌，因此在應對這個動盪的市場環境時，請牢記這一點。</p>

<p>特朗普總統對美聯儲主席傑羅姆·鮑威爾施加的壓力不斷升級，導致主要股指顯著下跌，道瓊斯指數、標準普爾 500 指數和納斯達克 100 指數均下跌約 3%。特朗普最近關於可能解僱鮑威爾的言論引發了對美聯儲獨立性的擔憂，金融專家對此發出了可能市場崩盤的警告。投資者表現出不安的跡象，美元走弱和黃金價格飆升就是明證。儘管建議長期投資者不要恐慌，但在持續的市場波動中，新的投資仍需謹慎</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>週一，所有主要股指均大幅下跌，<strong>道瓊斯工業平均指數</strong>、<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克 100 指數</strong> 當天均下跌約 3%，進一步加劇了近期的下滑。</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納德·特朗普總統對美聯儲主席傑羅姆·鮑威爾施加的壓力加大，要求降低利率。在一條社交媒體帖子中，特朗普警告稱，除非利率立即下降，否則美國經濟可能會放緩，並呼籲鮑威爾採取行動。</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，特朗普對美聯儲及鮑威爾的批評並不新鮮。儘管特朗普在其第一任期內任命了鮑威爾，但在新冠疫情爆發前的幾年裏，他經常批評鮑威爾在缺乏通脹的情況下提高利率。</p>
</div><h2>What's different this time?</h2>
<div class="lb-trans"><h2>這次有什麼不同？</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>這次的主要不同之處在於，特朗普公開提到了鮑威爾的 “解僱”，儘管總統在大多數解釋下並沒有法律權力解僱美聯儲主席。特朗普不僅在社交媒體上發表這樣的評論，特朗普的法律團隊據報道正在調查他是否可以合法地解除鮑威爾的職務。</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>作為背景，鮑威爾作為美聯儲主席的任期將在 2026 年 5 月正式到期。鮑威爾已經明確表示，他打算完成他的任期，特朗普無法合法解除他的職務。</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>鮑威爾還討論了特朗普的貿易戰可能是利率保持高位的原因之一。他最近表示：“就目前而言，我們處於一個良好的位置，可以等待更清晰的情況再考慮對我們的政策立場進行任何調整。” 換句話説，儘管特朗普批評他，但他並不急於降低利率。</p>
</div><h2>Should investors worry?</h2>
<div class="lb-trans"><h2>投資者應該擔心嗎？</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>投資者似乎感到緊張的原因在於，美聯儲的獨立性多年來一直是美國金融體系的關鍵部分。</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>幾位金融專家和知名政治家警告投資者，如果特朗普真的試圖解僱鮑威爾，可能會發生什麼。馬薩諸塞州參議員伊麗莎白·沃倫公開質疑美聯儲維持相對高利率的決定，警告稱如果特朗普試圖解僱鮑威爾，股市可能會崩盤。Evercore ISI 副主席克里希納·古哈表示，市場可能會大幅拋售。CNBC 高級分析師羅恩·伊薩納表示，這樣的舉動將損害全球對美國的信心。</p>
</div><h2>Are investors already losing confidence?</h2>
<div class="lb-trans"><h2>投資者已經失去信心了嗎？</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>有一些跡象表明，投資者已經開始感到擔憂。除了股市暴跌外，美元也大幅貶值，處於自 2022 年熊市以來的最低水平。同時，“安全” 資產如黃金飆升，週一創下歷史新高。</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>需要記住的一個重要原則是，股市不喜歡不確定性，而這正是你在近期市場行動中看到的很多情況。<strong>CBOE 波動率指數</strong>（^VIX 14.06%）——通常簡稱為 “VIX”——通常被認為是衡量股市投資者恐懼感的最佳指標。雖然它的水平還沒有達到特朗普幾周前關税公告後的水平，但 VIX 的水平已經是 11 月總統選舉後水平的兩倍多。</p>
</div><h2>Should investors worry, or look for bargains?</h2>
<div class="lb-trans"><h2>投資者應該擔心，還是尋找便宜貨？</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>這是個百萬美元的問題。首先，如果你是長期投資者，只要你購買這些投資的初衷仍然適用，就沒有必要恐慌並出售你計劃長期持有的投資。以我個人為例，我四十多歲，絕對不會在我的退休賬户中出售任何東西。</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>話雖如此，現在採取謹慎的投資策略可能是明智的，尤其是在將新資金投入快速增長或有些投機性的公司時。雖然我們都沒有水晶球可以預測未來，但預計我們還沒有看到 2025 年市場波動的最後一幕是明智的。這是一個前所未有的情況，任何投資者（或任何專家）能做的就是對某些情景可能發生的事情進行有根據的猜測。</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>在這種情況下，使用像定投這樣的策略逐步建立你想長期持有的股票或 ETF 的頭寸可能是有益的。從歷史上看，當標準普爾 500 指數從近期高點回落超過 15% 時，就像 2025 年那樣，從長期角度來看是一個良好的投資時機。但這並不意味着股票不能進一步下跌，因此在應對這個動盪的市場環境時，請牢記這一點。</p>
</div>

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

- 美國主要股指週一大幅下跌，均下跌約 3%。
- 下跌原因是特朗普施壓美聯儲主席鮑威爾降息，市場對美聯儲獨立性擔憂加劇。
- 投資者信心減弱，美元貶值，黃金價格創紀錄高位。

特朗普與美聯儲的爭端：投資者是否應該感到擔憂？