Nobel laureate Paul Krugman commented on Federal Reserve Chairman Kevin Warsh's inaugural Jackson Hole speech on August 29, noting that Warsh emphasized short-term interest rates as the primary tool and unconventional measures only for special circumstances. However, at the same time, US Treasury Secretary Scott Bessent was advancing a long-term Treasury purchase program, which Krugman described as Treasury-led quantitative easing. Krugman believes this policy divergence will persist, especially after the Treasury's dual repo program was announced, making the tension between the two institutions increasingly apparent.