Latest / The Investment Perspective, with Ninety One
#104 Bessent and Warsh at loggerheads: who controls the curve?
US Treasury Secretary Scott Bessent has been buying back long bonds to calm a sell-off at the long end of the yield curve. Fed governor Kevin Warsh, fresh from a hawkish Jackson Hole speech, wants the opposite: a smaller balance sheet and a clear signal from the curve. Ruen Naidu unpacks why the two are at odds, and why an oil price spike could override both.
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