伪原创：The Federal Reserve Chair, Jerome Powell, reiterated that interest rates are a "positive" policy tool rather than a reduction in the bond portfolio, known as quantitative tightening (QT). He then assumes, "Imagine everything is going well in the world, now is the time to lower interest rates from a restrictive level to a more normal level. Normalization of the balance sheet will involve reducing QT (not ending it)." Therefore, in this scenario, it is possible for the Fed to lower interest rates while still shrinking its balance sheet at a certain pace.