CITIC Securities: The dovish forces within the Federal Reserve have significantly weakened

Golden Ten Data reported on June 1 that according to a research report by CITIC Securities, the current Federal Reserve leadership transition is progressing smoothly. Among the seven members of the Federal Reserve Board, only Jerome Powell may see his term end in 2028, potentially resulting in a change. At the level of regional Federal Reserve Bank presidents, there is no official pressure for departures before 2028. The new chairman, Waller, was sworn in on May 22 and has not signaled a dovish stance. Overall, the dovish influence within the Federal Reserve has clearly weakened, and most policy positions are neutral or neutral to hawkish. However, attention still needs to be paid to factors such as the state of the US economy and geopolitical conflict risks.