Kevin Warsh is a young Jerome Powell

• Kevin Warsh advocates for a much smaller Federal Reserve footprint in the US Treasury market, supporting quantitative tightening.
• Jerome Powell was initially resolute in his tightening stance in 2018 but was forced to back down due to significant market turbulence.
• The speaker questions whether a 'next generation of younger-thinking maverick type of central bankers' can truly maintain a hawkish stance if markets test them.

Danielle DiMartino Booth discusses Kevin Warsh's advocacy for a smaller Federal Reserve footprint in the US Treasury market, which implies quantitative tightening. She draws a parallel to Jerome Powell's initial resolute stance in 2018, noting he was forced to back down due to market turbulence, raising concerns about future central bankers' ability to maintain hawkish policies if tested by markets.