Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh are taking different approaches to US interest rates and the Treasury market. While Bessent is pushing greater use of debt-management tools to support longer-term bonds, Warsh favours conventional rate policy and less intervention, as fiscal deficits continue to pressure Treasury yields.

The Treasury Secretary might win points with his boss, President Trump,but he will earn no points from the bond vigilantes.

Treasury yields are near multi-year highs as Scott Bessent doubles buybacks and Kevin Warsh faces pressure ahead of Jackson Hole remarks.