Good morning.

In the run-up to Friday’s Jackson Hole remarks by Chair Warsh, we are likely to hear several market commentators state that bond markets are "testing" the Federal Reserve by pushing longer-term yields higher. Yet the specific market indicators that would support that narrative don't align. If markets are testing anyone—and I am skeptical of that formulation—they are testing the federal budget's capacity to make room for the significant uptake in the financing demand of a tech secto — via @elerianm

Jackson Hole Fed remarks and yield-testing narrative signal macro market-moving event.