How Kevin Warsh Could Put The Toothpaste Back Into The Tube At The U.S. Fed

2026-02-21 02:48:00 ET

By Padhraic Garvey, CFA, Regional Head of Research, Americas

We were driven to this point through a series of significant builds in the balance sheet as the Fed battled the Great Financial Crisis (GFC) and pandemic events through aggressive buying of bonds. Getting here was in a sense tolerably positive, as it involved the unleashing of an extensive comfort blanket over the system. It was a means to ease pain. Going back is not quite guaranteed pain, but would be managed as a damage limitation exercise....

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