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.