CITIC Securities says the Fed's internal dovish camp has clearly weakened. Board turnover is steady: over the next two years only Jerome Powell faces potential turnover when his term ends in 2028; regional Fed presidents face no formal departure pressure before 2028. New chair Wash was sworn in on May 22 and did not signal dovishness. Overall policy stance is dominated by neutral to neutral‑hawkish views; US economic data and geopolitical risks remain key watch points.