According to CoinMeta, if Finance Minister Scott Bessent wants to fully address what he considers to be a underperforming bond market, he must coordinate with Federal Reserve Chairman Kevin Warsh. The efforts by Bessent to influence the bond market will lead to increased scrutiny of Warsh, who will be required to clarify his stance on the Fed's independence and the U.S. government's debt. Historically, the Federal Reserve has only intervened in the bond market in cases of severe economic weakness or emergencies. Bessent indicated that there may be more plans, saying, "We have a big toolbox; let's see what we can do." On Wednesday, the yield on 10-year Treasury bonds declined, but most of that gain was lost by Thursday. Warsh faces questions about his relationship with the financial markets at the upcoming Jackson Hole Economic Policy Symposium.