Recent US Treasury Interventions In Bond And FX Markets

Steven Davis asks Anil Kashyap to unpack recent US interventions in the Treasury bond market and Yen-Dollar FX market and whether they can meaningfully influence borrowing costs.

They also examine fiscal pressures in the United States and Japan and what Fed Chair Kevin Warsh’s Jackson Hole speech signals for inflation, interest rates, and monetary policy.

Recorded on August 29, 2026.

ABOUT THE GUEST

Anil Kashyap is the Stevens Distinguished Service Professor of Economics and Finance at the University of Chicago’s Booth School of Business.  His research focuses on financial intermediation and regulation, the Japanese economy, macroeconomics, money laundering, and monetary policy.  He co-founded the US Monetary Policy Forum (the leading private sector conference on US Monetary policy) and is a research associate for the National Bureau of Economic Research and a research fellow for the Centre for Economic Policy Research.  He is a co-director of the Chicago Booth Kent A. Clark Center on Global Markets.