MUFG strategist Derek Halpenny said the U.S. dollar faces downside risk ahead of remarks from Treasury Secretary Bessent and the Federal Reserve’s Jackson Hole gathering. In a report cited by BlockBeats on Aug. 24, Halpenny said attention is on whether Bessent will release details later on a fiscal consolidation plan after the U.S. Treasury announced an increase in long-dated bond buybacks last week. He also said Fed Chair Warsh, who is scheduled to speak at Jackson Hole on Friday, may continue to offer limited signals on future policy. Halpenny added that if credible fiscal consolidation measures are still not unveiled by then, the long end of the bond market could be hit particularly hard.
MUFG strategist Derek Halpenny said the U.S. dollar faces downside risk ahead of remarks from Treasury Secretary Bessent and the Federal Reserve’s Jackson Hole symposium, according to a BlockBeats report published on Aug. 24.
Halpenny wrote that after the U.S. Treasury announced last week that it would increase the scale of long-dated bond buybacks, Bessent may provide information later on a fiscal consolidation plan. Fed Chair Warsh is scheduled to speak at Jackson Hole on Friday.
Halpenny said Warsh may continue to give relatively few signals about future policy. He added: 「If credible fiscal consolidation measures have still not been announced by then, the long end of the bond market could be particularly affected.」
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