"Do not cut interest rates, otherwise people will be replaced!" Trump draws a "red line" for chairman candidates, putting pressure on the independence of the Federal Reserve again.

US President Trump recently stated that if potential nominee Kevin Wash had expressed a desire to raise interest rates, he would not be nominated as Federal Reserve Chairman. "If he comes in and says 'I want to raise rates,' he's definitely not getting the job, no chance," Trump said in an interview on Wednesday. Trump called a rate cut by the Federal Reserve "almost a certainty," citing that current rates are "at a high level" and stating that the US is "now back in the ranks of wealthy nations." When asked if Wash understood his intention to lower benchmark rates, Trump responded, "I think he does, but I feel he also wants to do it himself." Trump's comments are expected to spark discussions at Wash's confirmation hearing, with the independence of the Federal Reserve likely to be a key issue. Senate Banking Committee member and Republican Senator Tom Tillis has pledged to block all of Trump's nominations to the institution until the investigation into the Federal Reserve building renovation is concluded by the Department of Justice. Outgoing Federal Reserve Chairman Jerome Powell previously criticized the investigation as a "veiled attack" on the central bank's ability to make independent monetary policy decisions. While Trump administration officials denied this intention, the president himself has been pressuring Powell to lower rates in recent months. It is worth noting that former Fed governor Wash, who was once known for his "inflation hawk" image, has recently publicly expressed support for rate cuts multiple times. This nomination game not only reflects the White House's strong intervention in monetary policy but also puts the Federal Reserve's century-old tradition of independence to a severe test. Some analysts point out that if Wash were to be nominated, he would urgently need to use his highly praised mediation skills to find a balance between political pressure and central bank professional judgment. In addition, US Treasury Secretary Bernhardt stated during a congressional hearing on Wednesday that the president has the right to influence the decision-making process of the Federal Reserve. Bernhardt attended a hearing of the House Financial Services Committee that day. Democratic Congressman Emanuel Cleaver of Missouri asked him if he would advise the president to "intervene in the decision-making process of the Fed in terms of rhetoric and politics." Bernhardt responded, "That is his right...and everyone's right here." Nevertheless, Bernhardt also emphasized that he believes the Federal Reserve should maintain its monetary policy independence, which is built on public trust in the US and should be held accountable. Several economists have warned that if the independence of the Federal Reserve is compromised, it will weaken the market's confidence in the US economy and financial system.