The Federal Reserve's "independent defense line" is undergoing an unprecedented test.

The trigger is simple: the current U.S. president wants to replace Federal Reserve Board member Cook, citing issues with her mortgage application record. Cook refused, and the lawsuit has gone all the way to the Supreme Court.

What appears to be an personnel dispute actually touches on a deeper issue—the boundaries of presidential power.

The White House's logic is: since I can appoint you, I also have the authority to remove you. Presidential power should not be constrained.

The Federal Reserve insists on a different logic: monetary policy must be independent of political cycles. If the central bank head starts adjusting interest rates based on the president's preferences, then interest rate policy will become a tool for elections, and the credibility of the U.S. dollar system will be shaken.

The Supreme Court is expected to make a ruling on January 21. The significance of this decision goes far beyond legal boundaries—it relates to the global financial market's assessment of the Fed's credibility and also to the future independence of interest rate policy formulation.

For investors and traders, the outcome of this hearing will directly impact the dollar's movement, exchange rate expectations, and even the risk pricing of the entire crypto asset market. If the Fed's independent defense line is breached, it could mean the failure of the most important "stabilizer" in the global financial system.

Conservative justices are under immense pressure now. Expanding presidential power or defending the independence of the central bank—this is a question with no perfect answer. The global financial markets are all waiting for this gavel to fall.