PORTFOLIO MANAGEMENT By JIM REBER, CPA, CFA President and CEO, ICBA Securities STAYING POWER Fed’s Balance Sheet Has Some Duration, for Better or Worse It appears that, if the nominee for the next Federal Reserve chairman is confirmed by the Senate, he will have to roll up his sleeves to achieve some of his monetary policy priorities. Not that Kevin Warsh isn’t up to the task. He served on the Fed’s board of governors for five years, from 2006 to 2011, before returning to academia, and so has first-hand experience with the workings of the board. This is unusual, but not unprecedented; two recent Fed chairmen, Ben Bernanke and Janet Yellen, served as governors, left and returned to lead the Fed. What makes Warsh’s expected confirmation intriguing are his past words and actions regarding the development and conduct of policy, juxtaposed with the Fed’s current balance sheet position. It could make for some interesting dialogue in upcoming meetings, and subsequent statements and press conferences. Here’s some background. 8 NEBRASKA INDEPENDENT BANKER
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