A Huatai Macroeconomic Research Report points out that on January 30th, Beijing time, Trump announced the nomination of Kevin Warsh as the next Federal Reserve Chairman. Two possible changes with Warsh's appointment include: 1) A potential shift in the Fed's policy orientation, with Warsh possibly attempting to push for a policy combination of "interest rate cuts + balance sheet reduction." 2) Communication with the president may become smoother. However, some fundamental logic and the medium-term policy framework will remain unchanged: 1) The Trump administration's commitment to protecting capital markets and broad liquidity will remain unchanged, and the overall monetary policy stance will remain relatively loose (relative to the strength of the economy). 2) In the medium term, the erosion of the Fed's independence and the downward trend in the intrinsic value of the dollar are unlikely to change. (Jinshi)