The biggest risk is not Wosh, but oil prices. Think carefully about why the Federal Reserve is restarting its balance sheet expansion in December and Wosh's advocacy for "monetary and fiscal coordination," and you'll understand that Wosh cannot possibly shrink the balance sheet. Under fiscal dominance and financial stability, only normalizing the expansion is feasible. Under Trump 2.0, who is Fed Chair doesn't make a fundamental difference. Of course, it will affect the pace and volatility. Even if balance sheet reduction truly begins, it will most likely lead to financial risks triggered by hedge funds, ultimately requiring larger rate cuts and QE—different paths leading to the same outcome. See the previous article 【North and South Paths, Climbing to the Bright Summit】 for more details. The most concerning risk is oil prices approaching $70. Recently, tensions in the Middle East have increased supply shock risks, and today Trump called for negotiations rather than a "military" solution to Iran, attempting to cool tensions. Oil prices are crucial for dollar liquidity and the U.S. midterm elections. The bigger the bubble, the greater the volatility. China International Capital Corporation Macro [太阳]