Warsh has been against QE, not good for managing tail risk

He is against QE, and wants to shrink the balancesheet more.

If tail risk come, the fed will be less helpful in terms of proving liquidity through balancesheet expansion

Hpe that he changed or he will change. 

 

Both interest rate and balancesheet are very important tools for the fed to manage risk. 

But he favors one over the other.