Bessent wants to save US Treasuries, while Waller fights inflation—Treasury and Fed set to sing different tunes?

What Bessent is intervening in is precisely the "market signal" Waller has long emphasized. Waller advocates letting investors price assets based on economic data and market prices, rather than relying on central bank guidance. Wall Street widely warns that the policy goals of the Treasury and the Federal Reserve have clearly diverged, and this tension is set to erupt during Waller's Jackson Hole speech this Friday.