Recently, the remarks of U.S. Treasury Secretary Becerra have become the focus of the macroeconomic field. As the key figure in U.S. economic policy for the next three years, Becerra's influence even surpasses that of the Fed chairman.

In his latest speech, Bensent stated that the level of interest rates in the United States should be lowered by 150 to 175 basis points from the current level. This statement has attracted widespread attention from the market. Although traditionally, the Secretary of the Treasury should not intervene in monetary policy, Bensent's unique position makes him the actual leader of U.S. economic policy.

From Besant's remarks, it can be inferred that the United States may conduct 6 to 7 rate cuts over the next two years. This means that the end of the rate cut cycle may occur in 2026, with 3 rate cuts likely in 2025 and 3 to 4 rate cuts in 2026.

This policy orientation indicates that the United States is entering a phase of dual fiscal and monetary stimulus. For the capital markets, this is undoubtedly good news; at least for the next year, market liquidity will remain ample.

However, it is worth noting that the U.S. Treasury market may experience intermittent liquidity contractions, which could trigger short-term market volatility. For example, the Nasdaq index and the cryptocurrency market recently showed a trend of opening high and closing low due to liquidity issues.

Overall, Besant's speech provided clear policy direction for the market, but investors still need to closely monitor potential short-term fluctuations.