I would wait for Warsh’s tone, while keeping a core long-tech position rather than rotating aggressively into rate-sensitive assets yet.

The key signal is that Treasury’s intervention only produced a temporary rally. The long end quickly returned to concerns over deficits, inflation and term premium. The 30-year yield has been around multi-decade highs, while the 10-year has remained near 4.7%. 

My positioning:

Core: Stay long quality tech. AI earnings and structural capex remain powerful, although high long-term yields are the main valuation risk. Nvidia earnings on 26 August could provide another catalyst. 

Do not chase rate-sensitive assets yet. Banks, REITs, small caps and long-duration bonds could rally sharply if Warsh signals easier policy, but they could suffer if he emphasises inflation control.

Keep some dry powder. Jackson Hole on 28 August is unusually important because markets need to understand whether Warsh tolerates elevated long-term yields or is prepared to ease financial conditions. 

My base case: Warsh sounds more hawkish than markets hope → yields stay elevated → quality tech outperforms broader equities, while speculative/rate-sensitive assets struggle.

If Warsh delivers a clearly dovish message, then I would rotate into small caps, REITs and longer-duration bonds, rather than positioning heavily before the speech.

In short: **Tech core + cash, wait for Warsh, then rotate based on the yield reaction.**