The Fed is divided over whether policy is tight enough and now comes a new complication: what if Bessent's push on bond yields works? Lower long-term yields would ease financial conditions right as the Fed may not want that. Debt management has always been Treasury's job. Using policy to shape the level of long-term rates and broader credit conditions has been the Fed's. A policy shift is "a real pain for Warsh," says one former Fed adviser. “Doing it now, just before Jackson Hole, strikes me as pretty inconsiderate if not a slap in the face.” https://www.wsj.com/economy/central-banking/bessents-moves-test-boundaries-between-treasury-and-fed-8db4af4a?st=HSLEK9&reflink=desktopwebshare_permalink(Nick Timiraos)