Recently, the Federal Reserve is facing a major test regarding its institutional independence. Fed Chair Jerome Powell plans to attend a key Supreme Court hearing to support Director Cook, who was appointed by former President Biden—this is Powell's most direct public statement to date.

The situation is not simple. The current President Trump has been attempting to remove Cook since late August last year, which has led to litigation in the U.S. Supreme Court. The core issue is: does the President have the authority to dismiss an independent agency director appointed by a previous President at will?

Even more intense is the pressure behind the scenes. Powell revealed that the Trump administration has issued subpoenas to the Federal Reserve and even threatened criminal charges—something unprecedented in the history of the U.S. central bank. In a video statement on January 11, Powell directly stated: "These subpoenas are just an excuse; the real goal is to force the Fed to significantly lower the benchmark interest rate."

In other words, this is not just a legal dispute but a political struggle over whether the central bank's independence can be maintained. Powell's appearance seems more like a final defense of the Fed's independent decision-making power. For global financial markets, the outcome of this dispute will directly influence policy directions in the near future.