According to online reports, Paul Donovan, chief economist at UBS Global Wealth Management, said that the deepening politicization of the Federal Reserve will lead to a higher risk premium in the U.S. bond market due to inflation uncertainty. He pointed out that this would push up real borrowing costs, increase U.S. government debt service spending, mean less room for fiscal stimulus and less corporate investment, and damage-but not destroy-the dollar's status as a reserve currency. Federal Reserve Chairman Powell opened the door to a September interest rate cut in his speech in Jackson Hole last Friday, but did not propose an "appropriate medium-term policy framework" or provide a strong defense of the Fed's independence. At the same time, U.S. President Trump has continued to call on the Federal Reserve to cut interest rates in recent months.