This morning I watched the hearing of Waller, and after listening to the entire session, I had three very obvious feelings -

1. Waller evaded all proposals aimed at distancing him from Trump;

2. Waller promised to commit to maintaining the independence of the Federal Reserve, yet cleverly avoided tough questions, such as refusing to state any position on a criminal investigation of Powell;

3. Waller believes that the Federal Reserve's enormous balance sheet exacerbates wealth inequality in the United States, therefore, he advocates for reducing the balance sheet and returning to an interest rate-driven monetary policy.

I feel that he is indeed an experienced player in the political arena!

He cannot speak of interest rate hikes, as that would not garner Trump’s support;

Nor can he only speak of rate cuts, as that would make him appear to be a puppet of Trump, losing independence and failing to gain support from Congress.

So what to do?

Then he can only talk about balance sheet reduction plus interest rate cuts, a dual-track approach.

However, in reality, this feasibility is not very high, more like Waller’s packaging of his own independence.

Which of Waller's predecessors wanted this? They were all in a position they couldn't escape.

So it feels like Waller is following the same path as the understanding king, wanting both sides, and these words are just for talk before taking office—after taking office, he might also become "just like everyone else," unable to control anything!

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