---
title: "TD Securities: Waller is unlikely to persuade his colleagues to support a Fed rate cut or balance sheet adjustment in the short term"
description: "Gennadiy Goldberg, the head of U.S. interest rate strategy at TD Securities, stated that after Kevin Warsh was nominated as the chairman of the Federal Reserve, the market yield curve steepened due to"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/274334159.md"
published_at: "2026-01-30T16:01:12.000Z"
---

# TD Securities: Waller is unlikely to persuade his colleagues to support a Fed rate cut or balance sheet adjustment in the short term

> Gennadiy Goldberg, the head of U.S. interest rate strategy at TD Securities, stated that after Kevin Warsh was nominated as the chairman of the Federal Reserve, the market yield curve steepened due to concerns about the independence of the Federal Reserve. Warsh criticized the Federal Reserve's policies as being too dovish and opposed the use of balance sheet tools, but as one of the 12 voting members, he needs to persuade his colleagues to support interest rate cuts or adjustments to the balance sheet, which is unlikely to happen in the short term. The current policy remains unchanged, and the market will remain tense until Warsh makes a clear statement

Gennadiy Goldberg, head of U.S. interest rate strategy at TD Securities: The nomination of Kevin Warsh as Federal Reserve Chairman has triggered a steepening of the market yield curve, as the market remains deeply concerned about the independence of the Federal Reserve. Warsh has long criticized the Federal Reserve's policies, but his criticisms have mostly pointed to the Fed being too dovish, making it difficult for the market to judge its long-term policy direction. He also opposes the use of balance sheet tools by the Federal Reserve. However, the chairman is only one of the 12 voting members and still needs to persuade colleagues to support interest rate cuts or adjustments to balance sheet policy—both of which are unlikely to be realized in the short term. Current policy remains unchanged, but the market will continue to stay tense until Warsh makes a clear statement

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.