Fed Chair Warsh: Strong Economy, Capital Competition, Geopolitics Driving Bond Yields Higher

Warsh's framing matters because it treats higher yields as a growth-and-capex story rather than a policy signal, which shifts the debate away from Fed tightening as the sole explanation. For crypto and RWA markets, that distinction cuts two ways: strong nominal growth supports risk appetite, but competition for capital raises the cost of funding every yield-bearing asset, including tokenized Treasuries. The open question is whether the geopolitical component is treated as persistent or transitory — that determines how much of the yield move is durable.