ING strategists Padhraic Garvey and Michiel Tukker say market debate over the US Treasury’s decision to double long-dated buybacks is ongoing, but with Jackson Hole nearing, attention should shift toward short-term Treasuries. They say Treasury Secretary BESSENT is driving the long end, while Fed Chair KEVIN WARSH may seek similar influence in the short end but has so far kept a low profile; Warsh speaks at Jackson Hole on Friday.

2026-08-26

ING strategists Padhraic Garvey and Michiel Tukker say market debate over the US Treasury’s decision to double long-dated buybacks is ongoing, but with Jackson Hole nearing, attention should shift toward short-term Treasuries. They say Treasury Secretary BESSENT is driving the long end, while Fed Chair KEVIN WARSH may seek similar influence in the short end but has so far kept a low profile; Warsh speaks at Jackson Hole on Friday.