Warsh's Jackson Hole Debut: Higher Borrowing Costs Either Way

Fed Chair Kevin Warsh delivers his first Jackson Hole keynote on August 28, 2026, with long-term US borrowing costs near two-decade highs and inflation above the Fed's 2% target. A hawkish surprise could extend the bond selloff; a dovish tilt could steepen the yield curve as breakevens (market-tracked inflation expectations) rise. Either path means higher real-world borrowing costs.