Warsh Doesn’t Run Much Risk of Losing Control of Bonds, Says Academy’s Tchir

Watch on YouTube ↗  |  August 28, 2026 at 13:23  |  1:43  |  Bloomberg Markets
Speakers
Peter Tchir — Head of Macro Strategy, Academy Securities

Summary

Peter Tchir discusses the US Treasury market and Kevin Warsh's Jackson Hole debut. He argues 10-year Treasury demand near 5% reflects supply and demand rather than bond vigilantes, limiting the risk of losing control of bonds. He also says elevated Treasury shorts are mostly relative-value hedges against cheap hyperscaler credit, which he likes owning outright.

  • Tchir says the Fed should fight inflation but must measure inflation correctly.
  • He sees strong 10-year Treasury buying interest near 5% and evidence of buyers at 4.80%.
  • Treasury weakness is framed as supply and demand, not a bond vigilante crisis.
  • Elevated long-end Treasury shorts are largely hedge fund rate hedges, not outright bearish bets.
  • He likes owning hyperscaler long-dated credit outright, naming Meta, Google and Alphabet.
Ideas
Peter Tchir Head of Macro Strategy, Academy Securities 0:32
10-year Treasury demand emerges near 5%.
Tchir argues the Treasury market is driven by supply and demand, not bond vigilantes: there are plenty of buyers for 10-year Treasuries around 5% and buying was seen at 4.80%, so Fed Chair Warsh does not run much risk of losing control of bonds.
IEF HIGH
Peter Tchir Head of Macro Strategy, Academy Securities 1:07
Treasury shorts mostly RV hedges.
Elevated shorts on the long end of the Treasury curve largely reflect hedge funds running relative-value trades—long cheap long-dated hyperscaler credit and short Treasuries to hedge rate risk—rather than outright bearish Treasury bets.
US long-end Treasuries MED
Up Next
5:27
Fed Rate Hike Would Be Important Signal to Market, Says Patrick Harker
Bloomberg Markets · Aug 28
6:27
Munster Expects Nvidia Revenue to Grow by 90% in 2027
Bloomberg Markets · Aug 28
15:59
Nepal Floods: Finance Minister Says Rescue Efforts Are Challenging
Bloomberg Markets · Aug 28
52:51
Samjeon-Nix Credit Averaging Down Warning…In September, Buy When It 'Breaks Through,' Not When It Falls | Myeong Min-jun, Park Ga-young, Yoo Chang-hee [Stock Beginner Rescue Team]
3PRO TV (삼프로TV) · Aug 28
8:40
Lack of Russia Pressure Strategy a 'Problem': Daalder
Bloomberg Markets · Aug 28

This Bloomberg Markets video, published August 28, 2026, features Peter Tchir discussing IEF, US long-end Treasuries. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Peter Tchir  · Tickers: IEF, US long-end Treasuries