U.S. Treasury Secretary Scott Bessent announced last week that the scale of long-term Treasury buybacks would at least double, an attempt to suppress continuously rising long-end yields, but with limited effect. This move directly conflicts with the anti-inflation stance of Federal Reserve Chair Kevin Warsh, who previously emphasized that the Federal Reserve is striving not to interfere with market signals. Large Wall Street investment institutions generally warn that the policy objectives of the two major institutions have shown a clear divergence, and this tension is expected to erupt during Kevin Warsh's Jackson Hole speech this Friday (August 30). The market is eager to understand how the Federal Reserve will react to stubbornly above-2% inflation (latest reading 3.7%) and deteriorating fiscal conditions.