Kevin Warsh's bond market bind

Kevin Warsh hasn't even been sworn in as leader of the Federal Reserve yet, and his first great test has already arrived.The big picture: Global bond markets are sending borrowing costs markedly higher in this era of energy supply disruptions, AI-fueled demand for capital and massive fiscal deficits.The yield on 30-year U.S. Treasury bonds has surged to 5.11%, its highest level since 2007. The rate was 4.63% at the end of February.It sets up an environment where the Fed may well need to prevent...