从通胀鹰派到利率鸽派：特朗普蓦然回首千挑万选的美联储新主席今昔

Core Viewpoint - President Donald Trump has decided to appoint Kevin Walsh as the new chairman of the Federal Reserve, marking a significant shift in the Fed's leadership and policy direction [1][15]. Group 1: Appointment and Background - Kevin Walsh, previously a Federal Reserve governor from 2006 to 2011, initially advocated for higher interest rates even during the financial crisis, warning about impending inflation [1][15]. - Since last year, Walsh has shifted to support lowering borrowing costs, aligning with Trump's pressure for the Fed to cut rates [1][15]. - Walsh's appointment is seen as a move to reshape the Federal Reserve, which Trump believes has not been compliant with his administration's economic goals [3][17]. Group 2: Policy Changes and Views - Walsh has expressed dissatisfaction with the Fed's bond-buying programs, particularly those implemented outside of financial crises, and has called for a reduction in the Fed's balance sheet [4][18]. - He argues that reducing the balance sheet could allow for lower short-term policy rates, despite the current high inflation rates exceeding the Fed's 2% target for four consecutive years [4][18]. - Walsh's past hawkish stance on inflation contrasts with his current support for rate cuts, indicating a significant change in his policy perspective [4][18]. Group 3: Criticism and Reform Proposals - After leaving the Fed, Walsh has been critical of the central bank's communication and decision-making processes, advocating for a new model for economic forecasting [25][26]. - He believes that the Fed's current predicament regarding inflation is largely self-inflicted and calls for a strategic overhaul to restore credibility [26][28]. - Walsh attributes high inflation partly to increased government spending, which he argues is facilitated by the Fed's artificially low interest rates [27][28].