In a report to clients, Goldman Sachs economist David Merrick stated that the path to Kevin Warsh becoming Federal Reserve Chairman is clear, but the leadership change is unlikely to immediately alter the Fed's policy stance in the coming months. He noted, "When there are disagreements within the Federal Open Market Committee, the new chairman may not be as forceful in pushing for rate cuts as Powell." Regardless of Warsh's influence, the new chairman's enthusiasm for rate cuts may not be much greater than Powell's, especially given the continued high uncertainty surrounding the Middle East conflict. However, Goldman Sachs still believes that easing policies will be implemented before the end of the year, maintaining its previous forecast that the Fed will cut rates by 25 basis points in September and December respectively. (Jinshi)