中信证券：若沃什担任美联储主席，美联储会重启缩表吗？

Group 1 - The core viewpoint of the article indicates that despite multiple mentions of interest rate cuts and balance sheet reduction by Waller for 2025, the current liquidity pressure in the U.S. funding market has only recently eased, suggesting that the financial market environment does not support balance sheet reduction at this time [1] - The current reserve ratio to GDP is approximately 10%, while the Federal Reserve's asset holdings account for about 20% of GDP, nearing pre-pandemic levels from 2018, indicating limited overall reserve adequacy [1] - If Waller were to become the next Federal Reserve Chair and quickly initiate balance sheet reduction, the U.S. funding market could face renewed liquidity pressure, reinforcing the notion that the conditions for balance sheet reduction are not present [1]