【巴克莱：美联储缩表将耗时多年，或需降息来抵消金融环境收紧】巴克莱策略师表示，美联储向更小规模的资产负债表过渡，将需要央行与财政部之间进行密切协调，以防止市场波动过大。他们写道，这一过程将导致金融环境收紧，而曾呼吁大幅削减规模达6.6万亿美元资产组合的美联储主席提名人凯文·沃什，可能不得...

Core Viewpoint - Barclays strategists indicate that the Federal Reserve's transition to a smaller balance sheet will take years and may require interest rate cuts to offset tightening financial conditions [1] Group 1 - The process of normalizing the balance sheet will necessitate close coordination between the Federal Reserve and the Treasury to prevent excessive market volatility [1] - The transition is expected to lead to tighter financial conditions, prompting potential adjustments in policy rates by the Fed [1] - Kevin Warsh, the nominee for Fed Chair, has called for a significant reduction of $6.6 trillion in the asset portfolio, which may conflict with the Treasury's objectives [1] Group 2 - Barclays strategists, Anshul Pradhan, Samuel Earl, and Demi Hu, emphasize that the normalization process will be prolonged and span multiple years [1] - Investors are likely to demand risk premiums during this transition due to the misalignment of goals between the Fed and the Treasury [1]