[Morgan Stanley Believes Waller Will Bring Long-Term Structural Reform Risks, Intensifying U.S. Treasury Market Volatility] According to a report by Jinse Finance on April 28, Morgan Stanley analysts stated that the nomination of Kevin Waller as Federal Reserve Chair is expected to be confirmed, which could bring long-term structural reform risks and potentially intensify volatility in the U.S. Treasury market. The team, led by Matthew Hornbach, pointed out that under Waller's leadership, the Federal Reserve might adopt new inflation metrics, reduce forward guidance, and push to shrink the balance sheet. These changes 'could increase volatility between each FOMC meeting.' Last week, Waller himself hinted during congressional testimony that the central bank's 'policy operations will undergo structural reforms.'