Fed Chair Warsh: Balance Sheet Working Group Recommendations Due to FOMC in Early Q1

The signal here is procedural rather than directional: a working group feeding recommendations into the FOMC puts balance-sheet policy back on the formal agenda, even as Warsh pre-emptively plays down near-term effects. That framing matters for anyone reading Fed liquidity signals, because it separates a structural review from the current policy stance. The open question is whether the task force's recommendations translate into actual adjustments or remain a discussion item, and how much detail the FOMC chooses to disclose when it takes them up.