The recent controversy over the Fed's independence has reignited. Hasset's statement is quite interesting—essentially saying, "We listen to the President's opinions, but the voting rights are in our hands."

Does this have any implications for trading strategies? Yes. Policy uncertainty is often the biggest trading risk and also the best opportunity window. I’ve recently been discussing with a macro hedge expert whose logic is: when the independence of the central bank is questioned, market pricing can become chaotic, and this is when overvalued or undervalued assets can be identified.

The key is how to follow. You can't blindly follow aggressive traders related to Fed decisions; you need to see if they have a complete risk model. For example, if the Fed truly maintains independence, the rate cut cycle won't be as aggressive as the market previously expected—so if you're following traders who are fully betting on "Powell will yield," the risk of liquidation is high.

My advice is to find traders who understand how to dynamically adjust positions and can quickly cut losses when policy expectations reverse. Macro policy battles are always more complex than you imagine, and in practice, the most valuable skill isn't prediction ability but the speed of admitting mistakes.