美联储理事米兰谈缩表：为危机留空间 但应循序渐进

Core Viewpoint - The Federal Reserve should reduce its balance sheet size, but this should not prevent policymakers from implementing large-scale asset purchases during economic crises [1] Group 1: Federal Reserve's Balance Sheet - Stephen Milan, a Federal Reserve governor, emphasized that shrinking the Fed's balance sheet will decrease its influence in financial markets while preserving policy options for future crises [1] - Milan stated that expanding the balance sheet is a reasonable measure when interest rates hit the zero lower bound and financial crises persist [1] - He highlighted the need for adequate policy space for such operations in advance [1] Group 2: Policy Considerations - Investors and analysts are closely monitoring comments from Federal Reserve officials regarding the role of the balance sheet, especially after President Trump announced the nomination of Kevin Warsh to replace Jerome Powell as Fed Chair [1] - Warsh has called for significant reforms at the Fed, including a substantial reduction of the balance sheet [1] - Milan supports a gradual reduction of the balance sheet but noted that achieving this goal will be a lengthy process due to regulatory hurdles [1]