At a moment when bond markets are moving in ways that unsettle investors and complicate policymaking, Federal Reserve official Kevin Warsh has stepped forward to name the forces he believes are lifting yields — a gesture that is as much about shaping perception as it is about explaining mechanics. Yields are not merely numbers; they are the nervous system of modern finance, governing the cost of homes, the viability of businesses, and the calculus of retirement. By publicly mapping the terrain of inflation expectations, growth dynamics, and fiscal pressures, Warsh signals that the Fed is watch