"Bessent's Teacher" Strongly Opposes Bessent: Buying US Treasuries Is a Mistake

Billionaire investor Stanley Druckenmiller publicly criticized his former protégé, U.S. Treasury Secretary Bessent, over the expansion of the long-term Treasury buyback program, calling the move a "mistake." He argued that current inflation, employment, and deficit data do not support suppressing yields, and that the move is essentially price management rather than liquidity management, which would only subsidize fiscal spending, drain confidence in U.S. debt, and noted that yield management has never ended well in history.