Financial Markets Brace for Pivotal Test of Central Bank Independence
Summary
Global financial markets face a significant test next week as legal and political pressures converge on the U.S. Federal Reserve. The U.S. Supreme Court will hear a case regarding the dismissal of a Fed governor, which could set a precedent affecting Chair Jerome Powell. Simultaneously, central bank leaders worldwide, including Australia’s Michele Bullock, have publicly declared support for Powell, who is under criminal investigation.
Key Points
- Supreme Court Case: On January 21, the Court will hear arguments related to former President Trump’s efforts to fire Fed Governor Lisa Cook. A ruling against Cook could increase the likelihood of Powell’s removal.
- Global Support for Powell: 12 central bank chiefs have signed a statement defending the Fed’s independence and Chair Powell, calling it a “cornerstone” of economic stability.
- Underlying Motive: Powell suggests the legal threat is politically motivated, aimed at pressuring the Fed to lower interest rates to suit the administration’s goals.
- Market Reaction: While some see short-term potential for lower rates as positive, many fear the long-term precedent of eroding central bank independence globally.
- Broader Implications: Analysts warn that undermining the Fed’s independence threatens global financial stability and could encourage similar pressures on other central banks.
全球金融市场面临重大考验 央行行长声援鲍威尔
摘要
随着法律和政治压力同时聚焦于美国联邦储备委员会，全球金融市场下周将面临重大考验。美国最高法院将审理一起关于解雇美联储理事的案件，这可能为影响主席杰罗姆·鲍威尔的地位开创先例。与此同时，包括澳大利亚的米歇尔·布洛克在内的全球央行领导人已公开声援正面临刑事调查的鲍威尔。
关键点
- 最高法院案件：1月21日，法院将审理与前总统特朗普试图解雇美联储理事丽莎·库克相关的论点。若裁决对库克不利，可能会增加鲍威尔被免职的可能性。
- 全球声援鲍威尔：12位央行行长签署声明，捍卫美联储的独立性及主席鲍威尔，称这是经济稳定的”基石”。
- 潜在动机：鲍威尔暗示，法律威胁具有政治动机，目的是向美联储施压要求降息，以符合政府目标。
- 市场反应：尽管一些人认为短期降息可能性是积极的，但许多人担心这会开创侵蚀全球央行独立性的长期先例。
- 更广泛的影响：分析人士警告，破坏美联储的独立性将威胁全球金融稳定，并可能鼓励对其他央行施加类似压力。
Original Article Link: https://www.abc.net.au/news/2026-01-13/bank-chiefs-support-us-federal-reserve-chair-jerome-powell/106226728