Trump asks chief economic adviser to "regularly monitor" Federal Reserve Chairman Powell to increase pressure on the Fed to cut interest rates?

According to a report by Bloomberg, Kevin Hassett, the director of the National Economic Council, said on the 16th that he will meet regularly with Federal Reserve Chairman Jerome Powell to provide a channel for the president to convey his views on the economy to the central bank. As Trump's chief economic adviser, Kevin Hassett said on a CBS television program on Sunday that he has arranged to have regular lunch meetings with Fed Chairman Powell and other Fed officials. "We will discuss our views on the current situation and listen to his opinions." Hassett said the plan to meet regularly with the Fed chairman restores a practice from Trump's first term, but he emphasized that the White House will not interfere with the Fed's political independence. When asked by the host whether such meetings would affect the Fed's monetary policy, Hassett denied this: "Powell is an independent person, and the independence of the Fed is respected. The point is that the president's views can also be heard, as he is the president of the United States." Despite the president's chief economic adviser emphasizing that the Fed will make policy decisions independently, the outside world still believes that Trump may use Hassett to increase pressure on the Fed to accelerate rate cuts. Last week, Trump again called on Powell to "cut interest rates," and said the rate cut should "go hand in hand" with his tariff policy. He even boasted before the election that his economic instincts were stronger and that he should be the one to command the Fed, and threatened to force Powell to resign if the Fed did not cut rates. Last month, before the FOMC meeting of the Fed, Trump even claimed that he understood interest rates better than Powell and demanded that the Fed immediately cut rates, but failed to successfully pressure the Fed to cut rates again at the January meeting. The Fed announced at the end of January that it would keep the federal funds rate unchanged in the range of 4.25% to 4.50%, the first pause in the rate cut cycle that began in September last year. In a congressional hearing last week, Powell responded that the president's call for a rate cut would not lead the Fed to change its interest rate decision, but would adjust monetary policy based on economic conditions. Powell also reiterated that the US president cannot dismiss Fed officials, so even if Trump demands it, he will not resign and will serve out his term. At the same time, Powell also emphasized the hawkish stance that "the Fed is in no hurry to cut interest rates." He pointed out that "since the goal of fighting inflation has not yet been achieved, the Fed hopes to temporarily maintain the restrictive nature of the policy." His remarks have caused market concerns that interest rates may remain at high levels for a longer period of time. The CME FedWatch tool shows that the market is betting that the Fed will likely pause the rate cut again at its mid-March meeting, with a probability of 97.5%, and there is a greater possibility of further rate cuts not until the June meeting. Against the backdrop of persistent inflation, the imminent global tariff war, and overall economic uncertainty, investors are still patiently waiting for rate cuts to stimulate the rise of cryptocurrencies and other risky assets.