When it comes to the interest rates, Kevin Warsh is the guy that's going to wind up Wall Street. He really is. He wants to reduce the balance sheet.
Warsh left the Federal Reserve before because he didn't like the fact that they kept on printing and that they were continuously intervening in the marketplace, Fed intervention.
We all love it because it means the printer turns on and Jerome Powell's there like, "Yeah, keep it going." Warsh doesn't like that.
He could come in and engage in quantitative tightening. He could come in and engage in selling the mortgage-backed securities. He could come in and start doing the reverse repo program, okay, and draining liquidity. That's how they reduce the balance sheet. That's how you control inflation.
Warsh is going to be the most hated man on Wall Street because, you know what he calls this rally to the upside? A distortion.