Jackson Hole Preview: Warsh Faces A Bond Market The Fed Cannot Control

The article highlights that the 30-year Treasury is hovering near 5.25%, underscoring a warning that the Fed controls short-term rates but not the long-term yields investors demand to finance Washington. It suggests Jackson Hole may matter less for the next rate move and more for how Kevin Warsh aims to make Fed policy less predictable. Overall, the message is cautiously negative for bond-market direction given persistent long-end pressure.