CITIC Securities: Some assets have long-term logic that is difficult to change due to the impact of external factors.

According to the research report of CITIC Securities, the return of Powell to the Federal Reserve may represent a return to monetarism, as well as the advancement of Federal Reserve reform, is expected to focus on regulatory, monetary, and reform dimensions. However, there are certain constraints on vigorously promoting the combination of "reducing the balance sheet + lowering interest rates". Powell's nomination may have a significant impact on the market in the short term, but some asset long-term logic may not change due to Powell.