CITIC Securities: The dovish forces within the Federal Reserve are clearly weakening.

The report from CITIC Securities stated that the current turnover of the Federal Reserve is relatively stable. In the next two years, out of the 7 members of the Federal Reserve Board, only Jerome Powell may see a change due to the end of his term in 2028. There is no official pressure for regional Federal Reserve bank presidents to leave before 2028. The new chairman, Walsh, was sworn in on May 22nd and did not release any dovish signals. Overall, the dovish stance within the Federal Reserve has weakened significantly, with a majority of neutral to slightly hawkish positions in terms of policy stance. However, it is still necessary to pay attention to factors such as the situation of the U.S. economy and geopolitical risks.