民主党在中期选举中的大获全胜，尤其是他们即将掌控美国参议院，强化了联邦储备系统对特朗普干预的抵抗力。参议院对任命的控制成为阻止特朗普在中央银行再添盟友的主要防线。
Democrats’ sweeping midterm victory, and particularly their coming control of the US Senate, strengthen the Federal Reserve against President Trump’s efforts to meddle with it, with the Senate’s control over appointments a major guardrail against Trump landing any more allies at the central bank.
这也可能给主席凯文·沃什带来新的麻烦，因为关键监督委员会现在已落入民主党手中。以参议院银行委员会为例，来自马萨诸塞州的民主党参议员伊丽莎白·沃伦——沃什的严厉批评者——很可能取代南卡罗来纳州的特朗普盟友、沃什支持者蒂姆·斯科特，担任该委员会主席。
It could also mean new headaches for Chairman Kevin Warsh, with key oversight committees now in the hands of Democrats, and in the case of the Senate Banking Committee, with Democratic Sen. Elizabeth Warren, of Massachusetts, a harsh Warsh critic, likely replacing Trump ally and Warsh supporter Tim Scott of South Carolina as the panel’s chair.
“沃什在民主党人中没有得到任何支持……敌对的质询可能会考验沃什的言辞，”前联邦储备理事拉里·迈耶的公司——货币政策分析（Monetary Policy Analytics）的经济学家写道，讨论民主党参议院胜利的后果。
Warsh “got no support for his chairmanship from Democrats … Hostile questioning could put Warsh’s rhetoric to the test,” as he pursues a quieter and less publicly transparent form of central banking, economists from Monetary Policy Analytics, the firm of former Fed Governor Larry Meyer, wrote about the fallout of a Democratic Senate win.
摩根大通的经济学家迈克尔·费罗利表示，参议院领导层的变化甚至对沃什可能继续担任联邦储备主席的时间长度具有重要影响。
JPMorgan economist Michael Feroli said that the change in Senate leadership even has important implications for how long Warsh might helm the Fed.
他指出，沃什的任期将于2030年结束，并告诉客户，“选举结果提高了他在参议院民主党控制下结束任期的可能性。”为了获得连任，正如他最近的前任所做的那样，“沃什需要花更少的时间盯着窗外，而是花更多时间走在国会大楼的走廊上”，费罗利说。
Noting that Warsh’s term ends in 2030, he told clients that the election result “increased the odds his term will end with Democratic control of the Senate.”To secure another term, as his most recent predecessors did, “Warsh will need to spend less time looking out the window and more time walking the halls of Congress,” working to win over legislators, Feroli said.
五月份，沃什以54比45的极度分裂投票被确认为主席，只有一名民主党参议员支持他。
In May, Warsh was confirmed as chair in a polarized 54 to 45 vote, with only one Democratic senator supporting him.
民主党在竞选中大力关注生活成本问题，因而有动力在中央银行的通胀使命上对沃什施压，而该委员会将拥有广泛空间调查他们认为重要的问题——例如，在沃伦的案例中，沃什在升任联邦储备最高职位时对数亿美元资产的模糊处置。
Democrats, having campaigned heavily on cost-of-living issues, have incentive to push Warsh on the central bank’s inflation mandate, while the panel will have broad room to investigate issues they regard as important — such as, in Warren’s case, Warsh’s opaque disposition of hundreds of millions of dollars in assets as he ascended to the Fed’s top job.
特朗普认为，国会山的新动态直接阻碍了他把更多盟友安置在联邦储备委员会七名董事会成员中的努力，其中三名成员是前总统乔·拜登任命的。前主席杰罗姆·鲍威尔曾被特朗普和拜登连续任命，但现在与总统意见相左，仍在董事会任职。
For Trump, the new dynamics on Capitol Hill directly stymie his effort to put more allies on the Fed’s seven-member board, three of whom were appointed by former President Joe Biden. Former Chair Jerome Powell, appointed to consecutive terms by Trump and Biden but now at odds with the president, remains on the board as well.
总统称这种配置“敌对”和“党派”，并认为联邦储备需要大幅降息，而政策制定者——包括沃什——却在提高利率以抑制高通胀。
The president has called the configuration “hostile” and “partisan,” and argued the Fed needs to drastically cut interest rates that policymakers — including Warsh — have instead been raising to control high inflation.
特朗普继续努力解雇理事会理事丽莎·库克，白宫预计在未来几周内启动行政程序，为特朗普宣布“有理由”因她在任前就已出现的抵押贷款申请错误而解雇她奠定基础。
Trump’s effort to fire Governor Lisa Cook remains ongoing, with a White House administrative procedure expected in coming weeks to set the stage for a Trump announcement that he has “cause” to fire her over errors on mortgage applications that predate her appointment to the Fed.
随后可能会出现法庭挑战。最高法院已对特朗普试图罢免库克的努力作出不利裁决，如果他最终成功解雇她，几乎没有机会在民主党主导的参议院中获得其指定的替代人选。更多关于2026年中期选举的报道：即使在共和党控制的机构中，也拒绝了特朗普第一任期内被视为极端的联邦储备任命，今年早些时候，北卡罗来纳州的共和党参议员汤姆·蒂利斯在周二民主党候选人罗伊·库珀赢得选举后，因特朗普威胁而决定不再竞选连任，推迟了沃什的提名，直到政府放弃对鲍威尔的刑事调查。
A court challenge is likely to follow. The Supreme Court has ruled against Trump once already on the effort to oust Cook, and there’s next to no prospect he would get a chosen replacement confirmed by a Democrat-led Senate if he were ultimately successful in removing her. More coverage of the 2026 midterm elections: Even a Republican-controlled body rejected what were seen as extreme Fed appointments during Trump’s first term, and earlier this year Republican Sen. Thom Tillis, who decided not to run for reelection in North Carolina after Trump threatened him in a race won by Democrat Roy Cooper on Tuesday, held up Warsh’s nomination until the administration abandoned a criminal investigation of Powell.
一位民主党控制的参议院“将改变未来特朗普提名人的确认环境……并可能为联邦储备提供不同程度的政治支持”，Pilot Wave Holdings的合伙人兼联邦储备政治书籍作者马克·斯宾德尔在分析选举影响时写道。
A Senate under Democratic control “would change the confirmation environment for future Trump nominees…and could provide the Fed with a different degree of political support,” Mark Spindel, a partner at Pilot Wave Holdings and author of a book about Fed politics, wrote in an analysis of the election’s implications.
联邦储备的独立性“在某种程度上一直依赖于国会，而参议院的制度支持可能影响政策制定者在基于通胀和就业而非政治压力做决策时拥有的空间。”参议院委员会以及众议院金融服务委员会的民主党控制也可能使得政府以及现任联邦储备副主席兼监管负责人米歇尔·鲍曼推动的银行和监管改革陷入纠缠，联邦储备正在制定关于《天才法案》监管稳定币等事项的规则，而鲍曼最近则推出了联邦储备银行监管体系的整合。
Fed independence “has always depended in part on Congress, and institutional support from the Senate can affect how much room policymakers have to make decisions based on inflation and employment rather than political pressures.”Democratic control of the Senate committee as well as the House Financial Services Committee could also entangle the bank and regulatory reforms pushed by the administration and by current Fed Vice Chair for Supervision Michelle Bowman, with the Fed drafting rules over things like the Genius Act regulating stablecoins, and Bowman recently rolling out a consolidation of the Fed’s bank supervision system.