The Fed ‘is going to remain very independent,' says Brandywine Global Portfolio manager

• Analyst is 'happy' with Kevin Warsh as a potential Fed Chair, expecting a positive long-term market reaction.
• Warsh's view on the Fed's balance sheet suggests it should be used only during extreme emergencies, not routinely.
• Warsh is expected to lead a pragmatic and reform-oriented Fed, focusing on its core mandate (labor market, inflation) rather than broader social issues.
• The market reaction, including drops in precious metals and equities, is seen as part of a broader correction, not solely due to the Warsh news.

Jack McIntyre, Portfolio Manager at Brandywine Global, expresses optimism about Kevin Warsh's potential nomination as Fed Chair, despite initial market dips. He believes Warsh's pragmatic and reform-oriented approach, focusing on the Fed's core mandate of labor and inflation, will ultimately be positive for markets by shifting reliance from public to private balance sheets.