Kevin Warsh’s attempt to shrink the Federal Reserve’s balance sheet would proceed only slowly as Donald Trump’s nominee to chair the central bank faces resistance over his plan to scale back one of its most powerful tools.
Warsh has repeatedly said the Fed’s almost $7tn balance sheet is a reflection of how the central bank has strayed into Congress’s domain and noted its huge bond purchases under successive quantitative easing programmes have distorted financial markets.
But Warsh would only seek to make changes to the Fed’s balance sheet after extensive talks on its potential effects with banks and the broader public, according to people familiar with his thinking.
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