Term Premium on U.S. Treasurys Set to Rise as Fed's Warsh Set to Navigate Constaints -- Market Talk

Dow Jones05-12

0515 GMT - Morgan Stanley Wealth Management anticipates rising term premiums on U.S. Treasurys and higher-for-longer long-maturity rates as the Federal Reserve's incoming chair Kevin Warsh is set to navigate constraints, pursue a policy of reduced balance sheet usage and weaker forward guidance. "For the Trump administration, which has pinned its hopes for more aggressive easing on its incoming Federal Reserve chair Kevin Warsh, things could not be more challenging," the wealth manager says in a note. Warsh inherits the most divided Fed in over 32 years amid the atypical scenario of his predecessor Jerome Powell staying on as governor and unprecedented technological change casting uncertainty on the labor market, they say.(emese.bartha@wsj.com)

(END) Dow Jones Newswires

May 12, 2026 01:15 ET (05:15 GMT)

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