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.
$60B
FIMA per-counterpart daily cap
$1.14T
Japan's UST holdings (May '26)
Sept 15-16
next scheduled FOMC