09/01/2026
Policy Pugilists
Troublingly, two powerful US economic/financial officials are having a policy brawl in broad daylight. New Fed Chair Warsh is intentionally reducing public comments/communication to let markets determine interest rates. Conversely, Secretary Bessent is arguing that rising long-bond yields donโt reflect the economyโs underlying fundamentals. Moreover, Bessent brags that because he has $1T, he will continue intervening to support bond prices and lower yields. Bessent knows better and Warsh is hapless.
- Elliot Eisenberg, the Bowtie Economist
Troublingly, two powerful US economic/financial officials are having a policy brawl in broad daylight. New Fed Chair Warsh is intentionally reducing public comments/communication to let markets determine interest rates. Conversely, Secretary Bessent is arguing that rising long-bond yields donโt re...