WARSH COULD END QE AS WE KNOW IT 👀 Kevin Warsh’s potential return to the Fed is already shaking markets -- especially the $30 TRILLION U.S. Treasury market. Warsh has been clear for years: QE should be used only in true emergencies, not as a permanent policy tool. He’s openly criticized the Fed’s post-2008 and post-COVID bond buying, arguing it violated the spirit of the 1951 Fed-Treasury Accord and enabled unchecked government borrowing. Now, that old idea is back -- possibly in the form of a new accord redefining how the Fed and Treasury coordinate balance-sheet policy. Context matters: 💵 Fed balance sheet is still ~$6.6T 💵 Treasury issuance keeps climbing 💵 Scott Bessent agrees QE ran too long 💵 Markets are debating whether this limits QT... or kills QE outright If the Fed becomes restricted from large-scale bond buying, that’s a structural shift for rates, liquidity, and risk assets. And for crypto? Less QE + clearer rules = harder money narratives matter more, not less.