{
  "id": 1964351,
  "title": "Bond traders are testing Kevin Warsh: The Fed chair will heed—but not be ruled by—them, says an economist who spent years sitting next to him",
  "url": "https://urgent.news/2026/08/19/bond-traders-are-testing-kevin-warsh-the-fed-chair-will-heed-but-not",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T15:21:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/08/19/bond-market-traders-testing-kevin-warsh-fed-chair/"
  },
  "original_language": "en",
  "account": "Bond traders are putting Kevin Warsh under the microscope, with some economists suggesting the Federal Reserve chair is being \"tested\" by the bond market. However, those who know Warsh well say he will notice market \"teething\" issues but not expect a reaction. Thirty-year Treasuries have reached 5.3%, the highest level since 2007, and 20-year Treasuries are close in value. The increase in yields began after Warsh's most recent press conference after the Federal Open Market Committee meeting. In July, markets seemed to be doing the Fed's work by raising yields. Warsh declined to offer forward guidance, leaving analysts unsure if the central bank would raise rates. \"It is too early to draw firm conclusions, but the rise in the term premium and bear steepening of the curve following Warsh’s first two [Federal Open Market Committee] FOMC meetings could indicate that the Fed’s credibility is being tested,\" said Bassam Nawfal, chief asset allocation strategist at Alpine Macro. Warsh's defenders argue that he is committed to bringing inflation down to 2%. Warsh's credibility is well-established, according to Randall Kroszner, a professor of economics at the University of Chicago Booth School of Business who worked closely with Warsh at the Fed. Kroszner believes Warsh is asking \"very important questions\" and will keep a close eye on markets.",
  "summary": "\"He wants the Fed to think in terms of the bigger picture ... and people are finding that frustrating, but I think he's been very, very clear.\"",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}