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Fed Chair Kevin Warsh told the House Financial Services Committee on the 14th that any change to balance-sheet policy would be announced, explained, and debated in advance, stressing the Fed must draw a clear line between monetary and fiscal policy. His pledge of advance guidance reduces the risk of a surprise QT/QE pivot repricing UST yields and dollar liquidity, while the fiscal-separation stance signals reluctance to absorb Treasury issuance, a potential source of term-premium pressure on long-end yields that feeds through to equity multiples and BTC's liquidity beta. Watch upcoming FOMC communications for concrete balance-sheet runoff or reinvestment parameters, which would set the actual liquidity trajectory for risk assets.
As a Macro signal, watch whether it changes price action, volatility, or flows around IXIC, BTC, KRW=X.
Original Source: 연합인포맥스
This page is market information analysis, not investment advice.
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