Warsh Speech Looms Large for Bitcoin and Gold Markets

The upcoming speech by Kevin Warsh at Jackson Hole on Friday is expected to be closely watched by cryptocurrency markets and gold investors. The address will mark Warsh's first major public presentation since taking over as head of the Federal Reserve in May, and comes as Bitcoin has returned to near $80,000.

The focus won't just be on interest rates. Instead, market attention is centered around whether the Fed can support the US Treasury's strategy to expand long-term bond purchases to control Treasury yields.

Last week, Secretary of the Treasury Scott Bessent announced plans to at least double long-term bond purchases from $2 billion to $4 billion between September 9 and November 4. This move was seen as an attempt to curb rising Treasury yields, which were nearing a 15-year high.