#美联储回购协议计划 The US Treasury Secretary has spoken! The selection criteria for the new Federal Reserve Chair have been revealed: slim down, cut jobs, and completely bid farewell to unlimited QE.

The logic behind these remarks is very clear— the US government wants to implement a thorough reform of the Federal Reserve. Moving away from the past 15 years of the "central bank controls everything, does everything" model, and returning to a classical central banking paradigm of "doing what needs to be done, no unnecessary fuss."

But this is not just personnel changes. It’s more like a declaration of a major overhaul of the entire US central banking system. In plain terms, the US macroeconomic policy is set to shift significantly—saying goodbye to the "money printing + central bank nanny-style support" approach, and moving toward a new logic of "tightening monetary policy + market self-regulation."

Of course, how much of this can actually be implemented depends on the constraints of current politics and the economy, but the direction is already very clear. This will send a strong signal to the global economy and financial markets over the next few years: the golden age of cheap money and omnipotent central banks is officially turning the page. It will have profound impacts on the crypto market, bond market, and even the entire asset allocation logic.