CITIC Securities: There is a high probability that Walsh will be officially appointed after passing the full vote in the U.S. Senate in May.

Overall, in terms of monetary policy framework and external communication by the Federal Reserve, Waller is more traditional and cautious compared to Bernanke, Yellen, and Powell. Waller takes a cautious approach toward balance sheet tools, advocates using the policy rate as the main instrument and favors a gradual reduction of the balance sheet. Additionally, Waller supports making monetary policy decisions based more on real-time data rather than on a pre-committed path, believing that excessive reliance on forward guidance undermines policy flexibility.