Fed Chair Kevin Warsh Wants to End the Era of Easy Money. These Stocks Could Thrive in the New Market Reality.

New Fed Chair Kevin Warsh is pushing for a “regime change” at the Fed by pursuing quantitative tightening — shrinking the Fed’s $6.7 trillion balance sheet via bond sales or runoff. The article argues that removing liquidity and pushing rates higher would create winners and losers: Berkshire Hathaway (large cash and insurance float) could earn more on its record ~$397 billion cash pile and deploy capital into cheaper stocks; JPMorgan Chase stands to boost net interest income (the bank forecasts ~$103 billion in interest income this year) and may gain market share from smaller rivals; UnitedHealth can earn more on its insurance float and is trading roughly 40% below its 2024 peak, making it potentially attractive. Overall, the piece frames Warsh’s stance as likely bullish for well-capitalized financials and insurers while tightening could pressure rate-sensitive or smaller institutions.