Editorial companion

What stands out

The Treasury quietly announced it would at least double buybacks of longer-dated US debt, and the market’s thank-you note was short-lived: yields fell then snapped back as investors wondered whether a Treasury shove can overcome inflation and fiscal strain. PIMCO Executive Vice President Tony Crescenzi and host Tom Keene on Bloomberg unpack why traders are now fixating on Fed Chair Kevin Warsh’s Jackson Hole speech for clues about how the Federal Reserve (Fed) will respond to an increasingly active Treasury. The clip matters because it exposes a growing tug-of-war between fiscal operations and central-bank orthodoxy, with markets already probing which side will blink.