Strategists Michael Cloherty, Arjun Ananth, and Ian Pollick from Canadian Imperial Bank of Commerce wrote in a report that the slow progress on issues related to the Federal Reserve's balance sheet means the topic is unlikely to be placed on the "priority agenda" until the fourth quarter at the earliest. They wrote that "the 'fuse' on the balance sheet may be relatively long," cautioning investors to wait at least until the end of the fourth quarter before considering pricing in any potential impacts. The strategists speculated that Waller's priorities are as follows: Actively integrating with other members of the Federal Open Market Committee (FOMC) and Federal Reserve staff; Shifting the focus of Federal Reserve researchers toward topics that have a direct impact on future monetary policy decisions; Streamlining the operational processes of the Federal Reserve; Relaunching certain regulatory measures, such as adjusting the calculation method for the Global Systemically Important Bank (G-SIB) surcharge; Making fine-tuning adjustments to the bank supervision process; Reopening the discussion on the appropriate size of the balance sheet.