Fed's Warsh: Treasury yields reflect data, not policy

Federal Reserve Chair Kevin Warsh said the recent rise in US Treasury yields is driven by economic data, not central bank policy. The 10-year yield climbed to 4.639%, up 25 basis points in a month, despite the Fed holding rates steady. Warsh noted markets are 'learning to play the ball, not the referee,' focusing on fundamentals as the Fed reduces forward guidance.