近期，有市场声音提出通过法律手段起诉美联储主席杰罗姆·鲍威尔，以迫使其改变当前的高利率政策。然而，全球知名债券投资机构——常被称为‘债券巨头’——对此表示强烈反对，并警告称：起诉鲍威尔不仅在法律上站不住脚，反而可能适得其反，进一步推高市场利率。这些债券巨头指出，美联储作为美国独立的中央银行，其货币政策决策基于经济数据和通胀目标，而非政治压力或诉讼威胁。试图通过司法途径干预货币政策，将严重损害美联储的独立性，引发市场对政策不确定性的担忧。投资者一旦认为货币政策可能受政治或法律干扰，就会要求更高的风险溢价，从而推升长期利率。此外，当前美国通胀虽有所缓和，但仍高于美联储2%的目标。在此背景下，任何削弱央行信誉的举动都可能让通胀预期脱锚，迫使美联储维持甚至延长高利率周期。因此，债券市场专家普遍认为，尊重央行独立性、通过经济基本面改善来引导利率下行，才是更理性有效的路径。简言之，起诉鲍威尔非但不能降低利率，反而可能因破坏制度信任而抬高借贷成本，对经济和金融市场造成更大伤害。
Recently, some market voices have suggested suing Federal Reserve Chair Jerome Powell in an attempt to force a shift away from the current high-interest-rate policy. However, major global bond investors—often referred to as ‘bond titans’—strongly oppose this idea, warning that such legal action would not only lack legal merit but could ironically push interest rates even higher.These bond giants argue that the Federal Reserve, as an independent central bank, bases its monetary policy decisions on economic data and inflation targets—not political pressure or litigation threats. Attempting to interfere with monetary policy through the courts would severely undermine the Fed’s independence and heighten market uncertainty. If investors perceive that monetary policy could be swayed by political or legal interference, they will demand higher risk premiums, thereby driving up long-term interest rates.Moreover, although U.S. inflation has moderated somewhat, it remains above the Fed’s 2% target. In this context, any move that weakens the central bank’s credibility risks unanchoring inflation expectations, potentially forcing the Fed to maintain—or even extend—its high-rate stance. Thus, bond market experts widely agree that respecting central bank independence and improving underlying economic fundamentals are far more rational and effective paths to lower rates.In short, suing Powell is unlikely to reduce rates; instead, it could damage institutional trust and raise borrowing costs, inflicting greater harm on both the economy and financial markets.
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