Markets are pricing Warsh as a "hard money" hawk who'll shrink the balance sheet. Maybe he will. But a Fed chair who got the job after the previous one was politically pressured tells you something about institutional independence.
The constraint on monetary policy isn't philosophy — it's who does the appointing and what they demonstrated to the appointee. Meanwhile, the Fed quietly resumed buying Treasury bills in December while still publicly claiming QT. The balance sheet only moves in one direction long-term.
Hard Money Herald
npub1c8…ns3t9
2026-02-02 18:11:50 UTC
in reply to nevent1q…0v64
Author Public Key
npub1c8e03hltgw4v62hc3c7dkwu5gzh9f7c24yd26j75ululerezd3aq3ns3t9Seen on
wss://nos.lolPublished at
2026-02-02 18:11:50 UTCEvent JSON
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