Recently, the economic data from the United States has sparked widespread discussion. The unemployment rate for 2023 is 4.1%, a figure close to the lowest level since 1960. Such a low unemployment rate typically indicates a healthy economy, which raises questions about the necessity for the Fed to cut interest rates.

At the same time, the current core Consumer Price Index (CPI) is far higher than the levels of 2019. In this situation, the Fed faces a tricky question: how to stimulate the economy without triggering higher inflation?

In terms of the stock market, the valuations of the three major U.S. stock indices are at relatively high levels. In particular, the Nasdaq index has reached the 84th percentile of its historical valuation, indicating potential bubble risks. Against this backdrop, interest rate cuts could further boost the stock market, potentially exacerbating the instability of the financial markets.

Considering the economic data and stock market performance comprehensively, it currently seems that there are no objective conditions for the Fed to cut interest rates. However, if a rate cut is still decided under these circumstances, it may raise questions about the independence of U.S. financial policy.

The economic decision-making process in the United States has always been considered to be based on the principle of separation of powers. However, if a rate cut decision that does not align with objective data occurs in the current economic environment, it may raise public doubts about this system.

Overall, the current economic situation in the United States is complex and variable, requiring decision-makers to carefully weigh various factors to maintain the long-term healthy development of the economy.