The Federal Reserve has started a complete review of how it operates after Kevin Warsh was appointed as the new Chair.

在 Kevin Warsh 被任命為新任主席後，聯準會已開始全面審查其運作方式。

After taking over, Chairman Warsh created several groups to examine how the institution communicates, manages its balance sheet, and collects data. One of his main goals is to reduce the size of the central bank's balance sheet, which grew very large after the 2008 financial crisis and the pandemic. Warsh emphasized that a smaller balance sheet would help lower inflation and encourage economic growth by reducing government borrowing and making investors less dependent on bailouts.

Warsh 主席接任後，成立了數個小組以審查該機構如何溝通、管理資產負債表以及收集數據。他的主要目標之一是縮減中央銀行的資產負債表規模，該規模在 2008 年金融危機和疫情後大幅增長。Warsh 強調，縮小資產負債表將有助於減少政府借貸並降低投資者對紓困的依賴，從而降低通貨膨脹並鼓勵經濟成長。

Regarding communication, the Chair has indicated a move away from the high levels of transparency used since 2008. He asserted that too much transparency might limit the Fed's flexibility and confuse market signals. Consequently, a recent policy statement was very short and did not include future projections. However, these changes depend on the agreement of the Federal Open Market Committee (FOMC) and the seven governors, as the Fed usually remains independent from political pressure.

關於溝通，主席表示將擺脫 2008 年以來採用的高度透明化做法。他主張過高的透明度可能會限制聯準會的靈活性並混淆市場訊號。因此，近期的一份政策聲明內容十分簡短，且未包含未來預測。然而，這些變更取決於聯邦公開市場委員會 (FOMC) 與七位理事的同意，因為聯準會通常保持獨立於政治壓力之外。

Furthermore, Warsh prefers using 'trimmed mean' metrics to measure inflation, although some experts worry this method ignores important costs like AI and energy. While he previously believed that AI would lower prices by increasing productivity, he has recently been more cautious about when this will happen. Because of this 'hawkish' approach, major banks like Goldman Sachs and UBS have lowered their gold price forecasts, as they now expect more interest rate hikes to maintain price stability.

此外，Warsh 傾向使用「修剪平均值」指標來衡量通貨膨脹，儘管部分專家擔心此方法會忽略 AI 和能源等重要成本。雖然他此前認為 AI 會透過提高生產力來降低價格，但近期對此發生的時間點變得較為謹慎。由於這種「鷹派」作法，高盛和瑞銀等大銀行已下調金價預測，因為他們目前預期將有更多次升息以維持物價穩定。

The Federal Reserve is currently moving toward a strategy of less transparency and a smaller balance sheet while dealing with ongoing inflation.

聯準會目前在處理持續通貨膨脹的同時，正走向一個透明度較低且資產負債表較小的策略。