Treasury Secretary Scott Bessent’s plan to buy back at least $2 billion of long-dated Treasuries is intensifying pressure on Chairman Kevin Warsh to clarify the Federal Reserve’s role in Treasury-market policy and its relationship with the Treasury Department. The Fed has historically intervened to influence bond yields only during severe economic weakness or clear emergencies, and there is no sign it plans to act now. Bessent said the Treasury has a broad toolkit and argued that current yields do not reflect underlying fundamentals. Warsh has proposed revising the 1951 Treasury-Fed Accord to give the Treasury more authority over major changes to the Fed’s $6.7 trillion balance sheet, while also seeking to reduce holdings and shift them toward short-term debt, a strategy that could push up longer-term yields. Markets will watch Warsh’s comments at the Jackson Hole Economic Policy Symposium for clues about long-term yields, the Fed’s reaction function and its independence. Recently released minutes from the Federal Open Market Committee (Fed rate-setting panel) showed that balance-sheet issues were deferred to a task force expected to report late this year or early next year.