Fed chair nominee Warsh may want smaller Fed holdings, but that's not easy to do [BNN Bloomberg (Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
Company Research
Source: BNN Bloomberg
That's because Fed holdings and the regime that's grown to manage interest rates in a system that is flush with cash is not easy to wind back while maintaining market stability and achieving monetary policy goals. It could be even trickier for a Fed chair who is likely to seek easier short-term borrowing costs, because anything that notably contracts central bank bond holdings actually tightens financial conditions. Warsh, who was a Fed governor between 2006 and 2011, has argued that large Fed holdings distort finances in the economy and what the Fed now holds should be slashed. In a Wall Street Journal opinion story from November, he wrote “the Fed's bloated balance sheet, designed to support the biggest firms in a bygone crisis era, can be reduced significantly,” with the proceeds redeployed “in the form of lower interest rates to support households and small and medium-sized businesses.” Warsh's call to shrink Fed holdings landed as the central bank was nearing the end of what
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- 3/18/26 - Form 3
- 3/18/26 - Form 3
- SMFG's page on the SEC website