美联储，突发！美国财长，紧急发声！

Core Viewpoint - The article discusses U.S. Treasury Secretary Becerra's comments on the Federal Reserve's potential actions regarding its balance sheet, emphasizing that under the leadership of Kevin Walsh, the Fed is unlikely to quickly reduce its balance sheet [1][2]. Group 1: Federal Reserve's Balance Sheet Management - Becerra believes the Fed may take up to a year to decide on its balance sheet adjustments, indicating a cautious approach [2]. - The Fed restarted its balance sheet expansion in December, initiating a short-term Treasury purchase program to manage market liquidity [2]. - Analysts express concerns that Walsh's hawkish stance may halt the Fed's rate-cutting path, although Goldman Sachs suggests that the market may misinterpret Walsh's actual position [3][4]. Group 2: Proposed Reforms and Market Impact - Walsh's proposal to establish a new version of the 1951 Federal Reserve-Treasury agreement aims to redefine the relationship between the two institutions, potentially impacting the $30 trillion U.S. Treasury market [6]. - If the reform is merely administrative, the short-term impact on the Treasury market may be limited; however, significant adjustments to the Fed's $6 trillion securities portfolio could increase market volatility and raise concerns about the Fed's independence [6]. - There is speculation that the Fed under Walsh may shift its asset holdings from medium- and long-term securities to Treasury bills, with predictions that T-bills could rise from under 5% to 55% of the Fed's portfolio over the next five to seven years [7].