Warsh's Jackson Hole Debut: Where Hawkish and Dovish Both Point to Higher Borrowing Costs

Fed Chair Kevin Warsh delivers his first Jackson Hole keynote on August 28, 2026, into a bond market under strain. US long-term borrowing costs sit near two-decade highs; inflation remains above the Fed's 2% target. A hawkish surprise could extend the selloff; a dovish tilt could steepen the curve via rising breakevens. Either path points to higher real-world borrowing costs.