He didn't ask at their usual Tuesday breakfast. He asked on X, in front of markets, naming the Fed facility he wants enlarged. Warsh now has six weeks to answer, and every option is a public one.
ZMACRO · FED—TREASURY ACCORD Bessent Publicly Orders the Fed to Bail Out the Yen — and Leaves Warsh No Quiet Way Out He didn't ask at their usual Tuesday breakfast. He asked on X, in front of markets, naming the Fed facility he wants enlarged. Warsh now has six weeks to answer, and every option is a public one. BY DORIAN · ZTRADER RESEARCH · AUG 2026 $60B FIMA per-counterpart daily cap $1.14T Japan's UST holdings (May '26) Sept 15-16 next scheduled FOMC I. THE MISREAD Camp David, Maryland, 11:33 a.m., July 31. Scott Bessent is sitting in a cabinet meeting when a photographer's lens catches his notepad. Six words, written in his own hand: “To Do — Buy Japanese Yen $5-10 bil.” Within hours the Financial Times has the story confirmed: the New York Fed sold euros for yen on Treasury's behalf, working through Goldman Sachs and Morgan Stanley as counte
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