美联储鲍曼：就业市场明显更脆弱，应果断降息，青睐最小资产负债表

Group 1 - The core viewpoint emphasizes the need for the Federal Reserve to take decisive action in response to signs of weakness in the labor market and to consider interest rate cuts to support employment goals [1][2][4] - Recent data indicates a notable deterioration in the labor market, prompting the Federal Reserve to reassess its approach to monetary policy and potentially lower the benchmark interest rate [2][3] - Bowman advocates for a smaller balance sheet for the Federal Reserve, suggesting that it should primarily consist of Treasury securities to minimize its impact on credit allocation in the economy [5][6] Group 2 - The proposal includes actively selling mortgage-backed securities (MBS) to ensure a timely return to a pure Treasury investment portfolio, rather than relying solely on MBS maturities [5][6] - Recommendations for the Standing Repo Facility (SRF) include setting the minimum bid rate above the upper limit of the federal funds rate target range to reinforce its role as a backup tool [5][6] - Bowman suggests restoring the Enhanced Supplementary Leverage Ratio (eSLR) as a backup tool rather than a binding constraint to improve the intermediation function in the Treasury market [6]