Bessent’s Real Opponent Is the Global Price of Capital
Scott Bessent wanted to slow the rise in American borrowing costs. The market gave him about two weeks. The US 30-year Treasury yield has returned...
Tag: Kevin Warsh
The World Is Repricing the Cost of Time
Something larger than another bond sell-off is happening. Global sovereign yields have climbed back to levels last seen around the financial crisis. Japan’s 10-year yield...
Warsh Has Put the Fed on Trial in September
Kevin Warsh went to Jackson Hole determined not to give markets forward guidance. He may have given them something more consequential instead. By insisting that...
The Administration Has a Market Problem and No Policy
There is a certain irony in watching Scott Bessent fight the bond market. The Treasury Secretary built much of his career alongside George Soros and...
The Bond Market Has Become the Federal Reserve
Central banks are supposed to set the price of money. That simple principle has underpinned modern monetary policy for decades. Markets responded to the Federal...
The Fed Is No Longer Fighting Yesterday’s Inflation
The Federal Reserve is entering its July meeting with a problem that is far more serious than a single uncomfortable inflation print. The issue is...
Warsh’s New Fed: Hawkish Words, Flexible Hands
For the first time since taking over the Federal Reserve, Kevin Warsh has given investors a clearer insight into how he intends to run America’s...
The New Global Rate Regime Has Arrived
For much of the past decade, investors became accustomed to a remarkably predictable world. Inflation remained subdued, central banks stood ready to support growth at...
When Central Banks Become Political
For decades, the Federal Reserve’s greatest asset has not been its balance sheet, its models or even its ability to set interest rates. It has...