Powell's term ends on May 15, with Waller succeeding him — the full Senate will complete final confirmation (vote on May 11)~


The entire monetary policy logic is about to shift gears~
Waller believes that the Federal Reserve's balance sheet, holding over $6 trillion in assets, is "useless" and prefers to actively shrink the balance sheet~
He also hinted at wanting to reduce the number of speeches and early signals from Fed officials, to lessen market reliance on "spoilers"~
The June policy meeting will most likely be Waller's first monetary policy meeting as chair~
The market will need to face uncertainty moving forward~
#美联储 #Waller #鲍威尔 #Monetary Policy #US Bonds
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