Besent comments on Walsh's balance sheet reduction policy pace: 'The Federal Reserve won't act quickly to reduce its balance sheet. It may take up to a year for the Fed to make decisions regarding its balance sheet.' Last Monday, in the tweet 'Walsh's possible policy pace and path,' there was a detailed analysis of the real constraints Walsh faces after taking office and the potential changes he might make. In the final deduction of possible paths and pace, it was also mentioned that before the midterm elections, Walsh is highly likely to maintain the current pace unchanged: - Lower interest rates opportunistically based on labor market and inflation conditions, - Maintain the current BMP pace, - Push for SLR unbinding. After the midterm elections, in 2027, he might consider gradually advancing his proposals, but it would still be incremental. Looks like Besent and Walsh are on the same page