I watched Walsh's hearing this morning, and after listening to the whole thing, there were three very obvious feelings—— 1. Walsh avoided all proposals aimed at distancing himself from Trump; 2. Walsh promised to work towards maintaining the independence of the Federal Reserve, but cleverly avoided thorny issues, such as refusing to take any position on Powell's criminal investigation; 3. Walsh believes that the Federal Reserve's large balance sheet exacerbates the wealth gap in the United States, and therefore advocates reducing the balance sheet and returning to a monetary policy dominated by interest rates. I feel like this is also a seasoned official in the officialdom! We cannot talk about raising interest rates, as this will not gain Trump's support; We cannot just talk about interest rate cuts, as it appears to become a vassal of Trump, losing independence and not receiving support from Congress. What can we do? Then we can only talk about balance sheet reduction and interest rate cuts, with a dual track approach. But in reality, this feasibility is not very high, more like Walsh's packaging of his independence. Which of Walsh's exes wants this? Not everything is beyond one's control. So I feel that Walsh and Dong Wang are taking the same route, both wanting and needing. These words were just spoken before going on stage, and after going on stage, they may also be 'silent to everyone', which Mao can't even control!