Federal Reserve Chair Kevin Warsh will deliver his first Jackson Hole keynote on Friday at 10 a.m. ET, his first major set-piece speech since taking office in May. The address has drawn intense interest from crypto markets because it may clarify whether the Federal Reserve would support the U.S. Treasury’s plan to contain longer-dated Treasury yields, which help set borrowing costs across the economy. Treasury Secretary Scott Bessent said on Aug. 19 that the government would at least double each longer-dated Treasury note buyback from $2 billion to at least $4 billion, with the larger operations scheduled from Sept. 9 through Nov. 4. The announcement came as the 30-year Treasury yield stood near its highest level since 2007. Treasury’s program is not quantitative easing and does not add fresh liquidity; its size is also small relative to the $40 trillion federal debt. Without Fed bond purchases and liquidity injections, a sustained decline in yields may therefore be difficult. Markets have interpreted the plan as a possible step toward yield-curve control (efforts to hold interest rates at targeted levels), raising concerns about fiscal dominance (government pressure over central-bank policy) and the Federal Reserve’s independence. Bitcoin rose from $64,000 to $80,000 in a week, while gold also surged. Fidelity’s director of global macro Jurrien Timmer said the buybacks may need to expand significantly and could require the Fed to become involved, potentially leading toward currency debasement. If Warsh rejects that assumption by describing the buybacks as routine liquidity management, emphasizing monetary-policy independence and ruling out Fed participation, Treasury yields and the dollar could rise while bitcoin and gold weaken.