The showdown between the White House and the Federal Reserve is getting serious this time.

Trump’s nominee for Federal Reserve chair, Hassett, has openly taken a stand for “significant rate cuts.” Even more striking, Treasury Secretary Besant is personally overseeing the selection process—clearly signaling an intent to shake up the US financial regulatory system. Rumors are swirling in the market that Trump has already drafted a letter in the White House to fire the current chair, Powell. As soon as the news broke, the dollar plummeted.

At the same time, personnel changes at regulatory agencies are accelerating. Trump’s nominee for CFTC chair, Michael Selig, has passed the initial review by the Senate Agriculture Committee. Once fully confirmed, he will become the agency’s sole commissioner. Travis Hill, Trump’s nominee for FDIC chair, has also received the green light from the Senate Banking Committee.

Ultimately, this is a struggle over the independence of the Federal Reserve. Since its establishment in 1913, the Fed’s independent operations have been the ballast for global financial stability—the core logic being to separate monetary policy from short-term political demands. But now, this long-standing tradition is facing unprecedented challenges.

Trump’s dissatisfaction is straightforward: Powell is too slow with rate cuts and can’t keep up with the White House’s pace of “stimulating growth with low interest rates.” What frustrates him even more is Powell’s repeated public emphasis on the principle of “independent operation,” refusing to align with White House policy directions. For Trump, key positions must be filled with people who will listen.