Morgan Stanley: Federal Reserve under Walsh's leadership may exacerbate volatility in the US bond market BlockBeats news, on February 3, Morgan Stanley said that the Federal Reserve led by Kevin Warsh might increase the volatility of the US treasury bond bond market due to the reduction of its policy open communication. Walsh, nominated by Trump to replace Powell as chairman in May, served as a member of the Federal Reserve Board from 2006 to 2011. Morgan Stanley's review of the minutes of the Federal Open Market Committee (FOMC) meeting at the time showed that Walsh hoped investors could form their own views on economic growth, inflation, and monetary policy. At Morgan Stanley, Hornbach, Tobias and others believed that the former director preferred "smaller balance sheet scale", which may push up the level of long-term treasury bond bond yield relative to short-term yield, that is, the so-called yield curve is steeper. But the bank believes that under the leadership of Walsh, the Federal Reserve may undergo changes in its communication methods, which could exacerbate investor uncertainty, which is also crucial. This includes a reduction in interaction between Federal Reserve officials and the media, especially before Federal Open Market Committee meetings, as well as the possible cancellation of "dot matrix" forecasts or economic forecast summaries. (Golden Ten)