德银：若沃什获提名 降息与缩表或并行

Core Viewpoint - Deutsche Bank analyzes that if Jerome Powell is elected as the Federal Reserve Chairman, his policy stance may present a unique combination of "simultaneous rate cuts and balance sheet reduction" [1] Group 1 - Deutsche Bank believes that the implementation of "simultaneous rate cuts and balance sheet reduction" is contingent upon regulatory reforms that lower banks' reserve requirements, with short-term feasibility being questionable [1] - The market needs to closely monitor whether the new Chairman can maintain independence under pressure from Trump for significant rate cuts, as well as the process of establishing his policy credibility [1]