KEVIN WARSH SWORN IN AS FED CHAIR — INHERITS $6.7T BALANCE SHEET, $857B UNREALIZED LOSSES

Mandate to lower rates and shrink the balance sheet. QT ended Dec 2025 due to money market tightness. Outright sales unlikely, so reduction must rely on slow maturity runoff, especially from $2T in MBS.

Mandate to lower rates and shrink the balance sheet. QT ended Dec 2025 due to money market tightness. Outright sales unlikely, so reduction must rely on slow maturity runoff, especially from $2T in MB