Bessent's Treasury Bond-Buying Is 'Price Management,' Even Druckenmiller Says He'll Lose
Backed into a corner by stubborn long-dated yields, Treasury Secretary Scott Bessent has spent August pushing bond buybacks to talk rates down. Now his loudest critic is his own former mentor: Stanley Druckenmiller calls the intervention "price management," arguing every artificially suppressed basis point shields Washington from fiscal discipline. He warns the Treasury will lose this fight, and a skeptical bond market agrees.