[Nomura: Waller Clarifies Fed Policy Framework, Not Necessarily Signaling Imminent Policy Shift] According to a report by Jinse Finance, on September 1, Nomura's Head of Fixed Income and Municipal Bonds, Gregory Geczy, stated that although Federal Reserve Chair Waller's speech at the Jackson Hole Symposium was notably hawkish, it further clarified the Fed's policy framework. The PCE remains the Fed's preferred inflation indicator, the 2% inflation target is fixed and non-negotiable, and the policy rate continues to be the Fed's primary monetary policy tool. Geczy remarked: 'Waller's hawkish stance is very clear. He stated that it is "difficult to describe the overall financial environment as restrictive" and pointed out that credit and lending activities show little sign of being constrained.' However, Geczy noted that Waller's wording in this speech aligns with his statements in previous press conferences, so it does not necessarily indicate an imminent policy shift by the Fed. (Jin10)