On March 26th, US Treasury Secretary Janet Yellen discussed strengthening the Treasury Department's oversight of the Federal Reserve by drawing partially from the Bank of England's model, a move that could reshape the relationship between the Fed and the US government. According to informed financial industry executives, Yellen has expressed to market participants her admiration for the reforms implemented by the UK government in 1997, which granted the Bank of England operational independence in setting monetary policy. While both central banks maintain formal independence from their respective governments, the Federal Reserve possesses greater autonomy in how it achieves Congress's mandated goals of price stability and maximum employment, as well as in its response during periods of financial instability. Yellen has publicly stated that the Fed should undergo reforms while preserving its monetary policy independence. Last year, in a 6,000-word article published in "International Economy" magazine, she criticized the Fed's large-scale bond-buying program, known as quantitative easing (QE), as a "functional monetary policy experiment." She also praised the Bank of England's more cautious response to the UK's gilt crisis in 2022, contrasting it with the Fed's ongoing QE policies. She believes the Fed's QE policies contributed to the high inflation in the US post-COVID-19 pandemic. (Jinshi)