Stephen Jen Quoted in FT Alphaville: “Wall Street Analysts Weigh Warsh”
Robin Wigglesworth, Financial Times, January 30, 2026
In a recent FT Alphaville article, Robin Wigglesworth gathers views from market strategists and economists on President Trump’s selection of Kevin Warsh as the next Federal Reserve Chair.
The piece examines how investors are interpreting Warsh’s likely approach to monetary policy, the Fed’s balance sheet, and central bank independence. Stephen Jen, CEO and co-CIO of Eurizon SLJ Capital, is included among the contributors, focusing on the implications of the Fed’s enlarged balance sheet and the precedent set by large-scale government bond purchases.
As Stephen writes:
“The huge Fed balance sheet has quietly eroded the Fed’s independence, because buying domestic government bonds (which all G7 countries have done) has set a glaring precedent that the central bank can monetise debt outside of a war or a financial crisis.”
Stephen also comments on the potential for Warsh to alter the Federal Reserve’s policy framework:
“The use of excessive force by the Fed will probably be behind us, and the Fed could strike a better balance of prudence and restraint, I’m guessing.”
The article places Stephen’s view alongside a range of market perspectives on Warsh’s credibility, his past criticism of quantitative easing, and the possible direction of the Federal Reserve under his leadership.
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