Kevin Warsh will deliver his first Jackson Hole keynote on Friday at 10 a.m. ET. The speech is being watched to determine whether the Federal Reserve will support Treasury’s expanded bond‑buyback program, which could influence long‑term Treasury yields and affect Bitcoin and gold prices.

Treasury announced on August 19 that it will increase the size of its purchases of longer‑dated Treasury notes to at least $4 billion per operation beginning September 9, aiming to curb the 30‑year yield that has risen to levels not seen since 2007. The announcement prompted rallies in Bitcoin, which rose from $64,000 to $80,000, and in gold.

Warsh’s remarks are expected to address the extent of potential coordination between the Treasury and the Fed. If he stresses the Fed’s independence and declines to endorse the buyback plan, yields and the dollar may rise, putting downward pressure on Bitcoin and gold. If his language suggests openness to Treasury coordination or leaves room for Fed participation in bond purchases, the rally may continue.

Analysts note that the Treasury’s program alone does not add liquidity to markets, so a sustained decline in yields would likely require the Fed to purchase bonds directly. Some observers expect Warsh to discuss broader policy reforms rather than provide a concrete stance on the buyback initiative.

The market will assess the speech on Friday, and the outcome remains uncertain, potentially affecting the trajectory of the Bitcoin and gold rally.