BESSENT PUBLICLY ORDERS THE FED TO BAIL OUT THE YEN — AND LEAVES WARSH NO QUIET WAY OUT

Treasury just asked the Fed to underwrite Japan’s currency war. Warsh’s answer will decide who runs monetary policy from here.

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

I. THE MISREAD

11:33 a.m., Camp David, Maryland, July 31. Scott Bessent is sitting in a cabinet meeting when a photographer’s lens catches his notepad.

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