How Kevin Warsh could put the toothpaste back into the tube at the US Fed | 20 Feb 2026 | ING

This report from ING, dated **February 20, 2026**, analyzes Federal Reserve Chair-elect **Kevin Warsh's** ambition to significantly shrink the Fed's balance sheet. The author, Padhraic Garvey, explores the historical context of the Fed's "bloated" balance sheet and the technical challenges of returning to a "scarce reserves" environment. **The Core Objective: "Putting Toothpaste Back in the Tube"** Chair-elect…