Warsh's hawkish tone at Jackson Hole offsets Treasury bond intervention: StanChart's Eric Robertsen

• US bond market is not dislocated; rising yields are due to fundamental macro factors, not market dysfunction.
• US Treasury intervention to cap long-term yields would likely shift pressure to the US dollar, causing it to depreciate.
• Asia FX is expected to underperform global EM and G10 peers due to lower implied yields (carry).
• The Fed's hawkish stance (rate hikes more likely than cuts) provides an offset to potential Treasury intervention.

Eric Robertsen of Standard Chartered Bank discusses the current state of financial markets, noting that while long-term yields are rising due to fundamental factors, the market is not in crisis. He suggests that US Treasury intervention to cap yields would likely lead to dollar depreciation and expects Asia FX to underperform due to lower carry.