A recent turning point has emerged in the international financial markets that warrants attention. The U.S. Department of Justice is applying pressure on the Federal Reserve, with Powell receiving a grand jury subpoena. Although he has not explicitly stated that he is under investigation, he has publicly linked criminal prosecution threats with interest rate decisions—effectively hinting that central bank independence is facing unprecedented challenges.

The market reaction has been intense. S&P futures plummeted, the dollar experienced a sharp decline, and gold hit new highs. Behind Wall Street’s panic lies a deeper logic: as interest rate decisions evolve from technical tools into political leverage, the benchmark anchors for global asset pricing are beginning to loosen.

What does this mean? If "political considerations" truly become a factor in determining interest rates, the consequences could be severe. First, the government bond market may face epic volatility; second, the entire risk asset premium system will need to be reassessed; third, the credibility of the dollar itself will come into question.

On the surface, risk assets still seem to be holding up, but balance sheets do not lie. Once the financing chain breaks, a forced deleveraging scenario will sweep through the market like a hurricane. The surge in gold prices is just the beginning of this process. When national credit shows cracks, tangible hard assets will become investors’ last safe haven.

Ultimately, this is not a legal issue but a redistribution of power. When the Federal Reserve and the government bond market open next, the market’s true pricing will surface. The decline of central bank independence will mark the beginning of a restructuring phase in the global monetary order, bringing a new era of opportunities and risks for both digital asset holders and traditional asset investors.