Fed dissenters stopped QT and increased reserves, Andy Constan argues

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Fed dissenters and reserve policy logic

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Anastasiia Chabaniuk

29.04.2026

Fed dissenters stopped QT and increased reserves, Andy Constan argues — Fed dissenters and reserve policy logic

Andy Constan, founder and strategist at Damped Spring Macro, questions the logic behind recent Federal Reserve policy decisions involving key officials.

Constan highlights that two of the three dissenters regarding the term "additional" are the same individuals who previously halted quantitative tightening (QT) and added significant reserves to the U.S. banking system. He references Logan, Hammack, Musalem, and, in the background, Perli, collectively describing them as the "Repo Gang of Four" who appear to favor keeping a large, robust, and abundant reserve supply.

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Constan has previously commented on Fed policy, noting that Warsh's potential confirmation and Powell's resignation could secure enough votes for a June rate cut, according to a prior article. He has also highlighted market reactions to geopolitical events, viewing the initial SPX decline on Hyperliquid after Iran news as ultimately bullish, as reported in an earlier piece. These observations reflect his ongoing focus on central bank strategies and market responses.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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