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ING: Fed Funds Rate - Before & After GFC
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…