2024年9月，美联储宣布将联邦基金利率下调25个基点，符合市场普遍预期。然而，尽管降息如期而至，前总统唐纳德·特朗普却公开表示不满。他批评美联储主席鲍威尔行动‘太慢’，认为更早、更大幅度的降息本可避免经济放缓，并助力其竞选连任。特朗普一贯主张低利率政策，认为这有利于刺激经济增长、推高股市并降低政府借贷成本。在他任内，曾多次施压美联储降息，甚至称鲍威尔为‘敌人’。此次虽实现降息，但美联储强调决策基于通胀和就业数据，而非政治压力，这可能令特朗普感到其影响力受限。此外，市场普遍预期本轮降息周期将温和推进，以防通胀反弹。而特朗普希望看到激进宽松以提振短期经济表现，两者目标存在分歧。因此，即便美联储‘按剧本行事’，仍难满足特朗普对货币政策的高度政治化期待。
In September 2024, the Federal Reserve announced a 25-basis-point cut to the federal funds rate, in line with widespread market expectations. Yet despite the anticipated move, former President Donald Trump publicly expressed dissatisfaction, criticizing Fed Chair Jerome Powell for acting ‘too slowly.’ Trump argued that earlier and more aggressive rate cuts could have prevented economic slowdown and boosted his re-election campaign.Trump has long favored low interest rates, believing they stimulate economic growth, lift stock markets, and reduce government borrowing costs. During his presidency, he repeatedly pressured the Fed to cut rates, even calling Powell an ‘enemy.’ Although a rate cut finally materialized, the Fed emphasized its decision was based on inflation and employment data—not political influence—likely frustrating Trump’s desire for greater sway over monetary policy.Moreover, markets expect the Fed to proceed cautiously in this easing cycle to avoid reigniting inflation. In contrast, Trump seeks bold monetary stimulus to deliver short-term economic gains. This divergence in objectives explains why, even when the Fed acts as predicted, it still fails to satisfy Trump’s highly politicized expectations of monetary policy.
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