A controversy that concerns the cornerstone of the financial system is unfolding in the United States. Federal Reserve Chair Jerome Powell is under investigation by the Department of Justice over building project matters, but the underlying issue points to a deeper conflict: the struggle for control over monetary policy decisions.

The current administration has repeatedly pressured Powell to implement more aggressive rate cuts, but Powell insists that the Federal Reserve's policy space should be based on economic fundamentals rather than political demands. This stance has sparked public opposition. Officials have announced that Powell will not be reappointed, and his term will end in May this year, with a successor already being considered.

On the surface, this appears to be just a personnel change, but it fundamentally touches on the core principle that has guided the Federal Reserve for over a century—policy independence. Market observers note that if the authority to set monetary policy is excessively influenced by political interference, it will directly impact investors' confidence in the dollar, interest rate expectations, and consequently, global asset pricing.

Powell emphasizes that decisions within the Federal Reserve System must be based on economic data and financial stability needs. This statement is widely interpreted as a direct response to political pressure. The market is closely watching how this situation will develop—whether an independent central bank governance framework can withstand political pressure will be a key variable for future interest rate policies, the dollar's trajectory, and the global financial markets.