My personal opinion on Trump's hatred of Powell yesterday: 1. It is unclear whether there is a market for Fed put, or if there are signs but it is still unclear, but the 'Trump put' market can already be seen clearly. Trump acted wildly and repeatedly, but he also had some scruples: that is, he had to ease up or turn around after the stability of the treasury bond market and the opposition within the party, the gold owners and the team (when the opposition was too loud). Even criticizing Powell can be seen as part of the 'Trump put'. 2. Previously, the Trump government had urgently requested the U.S. Supreme Court to authorize the President to dismiss senior officials of two independent federal agencies, Gwynne Wilcox of the National Labor Relations Commission and Cathy Harris of the Merit System Protection Commission. This move aims to challenge the precedent established in the 1935 Humphrey's Executor v. United States case, which limited the President's power to arbitrarily dismiss heads of independent agencies and ensured the operational autonomy of independent agencies within the government. The Supreme Court should hold a special hearing to hear this case in May. The final judgment of this case is a test of "whether Trump has the right to dismiss the Federal Reserve Chairman Powell" - although the current Federal Reserve Law stipulates that the dismissal of the Federal Reserve Chairman must be "justified", if the Supreme Court overturns the case of "Humphrey's Executor", it will undoubtedly greatly weaken this protective barrier and open the door for Trump to intervene in the operation of the Federal Reserve. 3. Trump yelled at Powell, making the market's memory of 18-20 years come back, which will boost market sentiment in the short term. But considering the dilemma and contradiction that the Federal Reserve is facing now: the contradiction between the possible inflation rebound brought by the tariff landing and the risk of economic recession and the sharp decline of the market, especially the crack in the stability of the treasury bond market, but before there is a greater impact, plus the one year term, it is estimated that Powell will still wait and see in the short term. Wait for one of the two contradictions above to change before making a decision. Trump Powell battle is expected to last for some time.