Editorial companion

What stands out

The U.S. Treasury’s surprise decision to at least double buybacks of longer-dated debt briefly pushed yields lower, then the move largely unwound as investors probed whether a fiscal bandage can cure inflation and deficit worries. On Bloomberg, PIMCO Executive Vice President Tony Crescenzi and host Tom Keene framed the episode as more than a market quirk. It is a stress test of policy boundaries, with markets now looking to Federal Reserve (Fed) Chair Kevin Warsh’s Jackson Hole speech for signals about rate policy and how the central bank will react to an increasingly active Treasury.