The Investment Perspective, with Ninety One

Bessent and Warsh at loggerheads: who controls the curve?

US Treasury Secretary Scott Bessent has been buying back long bonds to calm a sell-off at the long end of the yield curve. Fed governor Kevin Warsh, fresh from a hawkish Jackson Hole speech, wants the opposite: a smaller balance sheet and a clear signal from the curve. Ruan Naidu unpacks why the two are at odds, and why an oil price spike could override both.

03 Sept 2026

8 minutes

Ruen Naidu
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