Nick Timiraos(@NickTimiraos):The Fed is divided over whether policy is tight enough and now comes a new complication: what if Bessent's push on bond yields works? Lower long-term yields would ease financial conditions right as the Fed may not want that. Debt management has always been Treasury's job. Using policy to shape the level of long-term rates and broader credit conditions has been the Fed's. A policy shift is "a real pain for Warsh," says one former Fed adviser. “Doing it now, just before Jackson Hole, strikes me as pretty inconsiderate if not a slap in the face.”

Nick Timiraos

@NickTimiraos

Chief economics correspondent, The Wall Street Journal • Author, "Trillion Dollar Triage”

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Nick Timiraos@NickTimiraos

2026.08.27 21:31

The Fed is divided over whether policy is tight enough and now comes a new complication: what if Bessent's push on bond yields works? Lower long-term yields would ease financial conditions right as the Fed may not want that. Debt management has always been Treasury's job. Using policy to shape the level of long-term rates and broader credit conditions has been the Fed's. A policy shift is "a real pain for Warsh," says one former Fed adviser. “Doing it now, just before Jackson Hole, strikes me as pretty inconsiderate if not a slap in the face.”

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