美联储理事沃勒：2.7万亿美元是“充足准备金”水平的粗略基准。美联储难以控制的外部因素推高了资产负债表规模。同意美联储资产负债表确实应该缩减。资产负债表未必需要像一些人认为的那样大幅缩减。充足准备金体系有助于稳定金融系统。支付准备金利息对财政部没有成本负担。一旦准备金达到充足水平，美联储可以增持短期国库券。需要考虑将资产负债表结构转向短期国库券。

Core Viewpoint - The Federal Reserve's balance sheet size is influenced by uncontrollable external factors, and a rough benchmark for "adequate reserves" is set at $2.7 trillion [1] Group 1 - The Federal Reserve agrees that its balance sheet should be reduced, but it may not need to be cut as drastically as some believe [1] - An adequate reserves system contributes to the stability of the financial system [1] - Paying interest on reserves does not impose a cost burden on the Treasury [1] Group 2 - Once reserves reach adequate levels, the Federal Reserve can increase its holdings of short-term Treasury bills [1] - There is a consideration to shift the structure of the balance sheet towards short-term Treasury bills [1]