贝森特：美联储料不会迅速缩表

Core Viewpoint - Concerns surrounding the nomination of Kevin Walsh as the next Federal Reserve Chairman focus on potential liquidity tightening and the independence of the Fed, despite Treasury Secretary Basent's efforts to alleviate market fears [1][2]. Group 1: Federal Reserve's Policy and Actions - The Federal Reserve may take up to a year to make decisions regarding its balance sheet under Walsh's leadership, with an emphasis on independent decision-making [2]. - The Fed's balance sheet peaked at $9 trillion during the global financial crisis and COVID-19 pandemic, and is projected to reduce to $6.6 trillion by the end of 2025 [2]. - The Fed restarted balance sheet expansion in December, initiating a short-term Treasury bond purchase program to manage market liquidity [3]. Group 2: Kevin Walsh's Stance and Market Reactions - Walsh, who served as a Fed governor from 2006 to 2011, advocates for a significant reduction in the Fed's bond holdings, which he believes distorts financial conditions [4]. - Analysts express concerns that Walsh's hawkish past may halt the Fed's path toward rate cuts, although Goldman Sachs suggests that the market may misinterpret Walsh's actual stance, indicating that rate cuts and quantitative easing remain possible [5]. - President Trump has made it clear that he expects Walsh to lower interest rates, stating that any nominee expressing a desire to raise rates would not be considered [5][6].