摩根士丹利：沃什治下的美联储变化将先体现在缩表上

Core Viewpoint - Morgan Stanley indicates that under the leadership of Powell at the Federal Reserve, any substantial changes are more likely to manifest through balance sheet policy rather than interest rates [1] Group 1 - The reduction of the Federal Reserve's balance sheet size implies a decrease in banks' demand for reserves, a process that requires time and adjustments to the regulatory framework [1] - Morgan Stanley adds that, all else being equal, a Federal Reserve that adopts a smaller 'presence' in both communication and balance sheet size should lead to a steeper yield curve [1]