Trump's pressure to cut interest rates and change directors threatens the Fed's independence. In the base scenario, inflation rises to 3%, and extreme takeover may lead to a repeat of the 1970 stagflation and damage to the status of the US dollar. Short-term political gains cannot offset the long-term costs, and adhering to the independence of the central bank is the cornerstone of stable growth.

Gold, U.S. stocks and Bitcoin rarely fell simultaneously. Spot gold once fell below $4,030, mainly due to a liquidity run and a sharp drop in interest rate cut expectations. The short-term positive correlation may continue, the long-term risk aversion logic has not changed, and diversified allocation is still the key.

Bitcoin fell below 97,000 US dollars and hit a new low in May. Institutional funds outflowed 2.8 billion US dollars in 28 days, and 93,000 US dollars became a key support. Giant whales reduced their holdings, retail investors surged, put options became active, and the bear market became mainstream. If it fell below 90,000 US dollars, it may reach the bottom again.

Wmax Interpretation: U.S. stocks rebounded on Monday due to expectations of a government shutdown, with the technology sector leading the gains; the lack of data coexisted with the cooling of AI valuations, and the market is cautiously optimistic at the end of the year, requiring refined risk control and diversified allocations.