"Save the U.S. Bond Market" Relay: Bessent Fumbled Last Week, This Week It's Warsh's Turn

Bessent's expansion of long-dated bond buybacks failed to effectively cap U.S. Treasury yields, instead fueling "currency debasement trades" in gold and Bitcoin. Market focus shifts to Fed Chair Warsh's Jackson Hole speech—if he fails to provide clear signals on the inflation path, long-end Treasury selling could intensify. The 30-year yield at 5% is a key threshold, and Warsh's remarks will be the most critical variable this week.