The Rate Guy 3 Things to Know About Kevin Warsh
Feb 2, 2026
Discussion of how Kevin Warsh won the Fed nomination and the political forces behind it. Exploration of his opposition to quantitative easing and plans to shrink the Fed’s balance sheet. Examination of his inflation-first stance and willingness to tolerate higher unemployment. Debate over whether institutional and political constraints could block or limit his agenda.
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Snowed In Episode Opener
- JP Conklin and his wife Sarah describe being snowed in and missing work due to extreme weather.
- The story sets a conversational, informal tone for the episode before discussing the Warsh nomination.
Anti‑QE Stance And Balance Sheet Focus
- Kevin Warsh is strongly opposed to quantitative easing and wants a much smaller Fed balance sheet.
- JP Conklin warns that Warsh would resist using QE even if liquidity strains require intervention.
Win By Promising Regime Change
- Warsh positioned himself as a Fed reformer and attacked Powell to win Trump's favor.
- Conklin argues that Warsh's critique of the Fed helped secure the nomination.
