#美联储恢复降息节奏 US Treasury Secretary Besson's remarks yesterday on November 25 released several key signals that are worth the market's close attention.

The suspense surrounding the new head of the Federal Reserve is about to be revealed — today will see the second round of final interviews, with five strong candidates currently identified. According to Bessent, Trump is likely to officially announce the final choice before Christmas on December 25, (, and this timeline is coming sooner than expected.

The information revealed at the policy level is more intriguing: the Federal Reserve's "abundant reserve system" seems to be loosening, and Bessent bluntly stated that "there are too many tools," suggesting a possible simplification of the operational framework in the future. He even proposed the view that "it's time for the Fed to step back," which, combined with Trump's earlier joke about "possibly firing me," indicates a strong sense of policy game between the two.

In terms of data, the actual losses caused by the previous government shutdown have been quantified for the first time: GDP has shrunk by at least 1.5%, with direct losses exceeding $11 billion. However, the market seems more interested in interest rate cut expectations - the preferences of Federal Reserve board members have become quite evident, and the bond market has voted with its feet, welcoming its strongest performance since 2020.

Finally, it is worth noting that Besant emphasized the need to maintain the United States' leading position in the AI field, as this may relate to the future direction of technology policy.

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