贝森特呼吁简化美联储运作机制，称其是时候退居幕后了

Core Viewpoint - The U.S. Treasury Secretary, Yellen, emphasizes the need to simplify the Federal Reserve's complex operations during interviews for the next Fed Chair position, highlighting concerns over the current monetary policy management [1][2]. Group 1: Federal Reserve's Current Mechanism - The Federal Reserve has adopted a "sufficient reserves mechanism" to control policy rates, which requires holding a large amount of government bonds on its balance sheet [1]. - As part of this operational framework, the Fed pays interest on reserves held by banks and also pays interest on funds temporarily deposited by money market funds [1]. - The Fed decided to halt the reduction of its balance sheet starting December 1 to ensure liquidity remains "sufficient" [2]. Group 2: Tools and Operations - There are various tools and operations in place, such as the Standing Repo Facility (SRF), which allows eligible institutions to borrow cash against government and agency securities [2]. - The usage of the SRF has surged recently, reaching a record high of $50.4 billion on October 31, marking the highest since the tool became permanent in 2021 [2]. Group 3: Complexity in Policy Interactions - There is a complex interplay between monetary policy, balance sheet management, and regulatory policies, which was a recurring theme in the interviews for the Fed Chair position [3]. - The Treasury Secretary suggests that the Fed should take a step back and reduce the frequency of public statements from regional Fed presidents, indicating a need for less redundancy in communication [3]. Group 4: Regional Fed Presidents - The Treasury Secretary expresses differing opinions on certain regional Fed presidents, noting that some have been hired from outside their respective districts and do not reside in their jurisdictions [4]. - The Federal Open Market Committee (FOMC), responsible for setting interest rates, consists of 7 board members and 5 regional Fed presidents, with the New York Fed president being a permanent member [4]. - The current regional Fed presidents are due for reauthorization by the Fed Board in February, with indications that some may resign [4].