Kevin Warsh, Federal Reserve Chairman, is set to deliver his keynote address at the Jackson Hole symposium on Friday, with Treasury yields on the rise and markets seeking guidance on monetary policy. Warsh has so far favored a hands-off approach rather than providing direct signals to markets. He has established five task forces to review Fed operations, particularly its communication strategy. Treasury Secretary Scott Bessent announced plans to double buybacks of off-the-run debt starting September 9, a move that could complicate Warsh’s position. Mark Cabana, U.S. rates strategist at Bank of America, expects Warsh to signal readiness to raise rates if inflation does not moderate, warning that a dovish tone could push the 30-year yield to 5.5% or higher.
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