🔔CICC: Fed Chair Selection Unlikely to Shake Balance Sheet Expansion According to a report by Jinshi Finance, a CICC research report points out that it will be difficult to shake the normalized expansion of the Fed's balance sheet regardless of who is chosen as the Fed chair. Although the Fed began expanding its balance sheet last December, and liquidity has improved marginally, narrow liquidity is still far below the lower limit of "ample levels," and dollar liquidity indicators show that it remains in a relatively tight state since the pandemic. Under the pressure of debt and financial market stability, an expansionary trend in liquidity is likely to be a high-probability event, and the global asset bull market may continue.