Bessent’s Bond Rescue Fails, Fed’s Warsh Next

The failure of buybacks to move long-end yields is the tell: official demand alone isn't clearing duration supply, and the reflexive bid into gold and Bitcoin suggests markets are pricing that limit. Warsh's Jackson Hole remarks now carry outsized weight, since the same analysts floating an Operation Twist-style response imply conventional tools are seen as exhausted. Whether the Fed validates or resists that framing is the open question, and it likely sets the tone for both rates and hard assets into the autumn.