Billionaire investor Stanley Druckenmiller, former mentor of Treasury Secretary Scott Bessent, called the Treasury bond buyback plan a mistake in a Wall Street Journal opinion column. The Treasury announced doubling its buyback operations from 2 to 4 billion dollars per operation starting September 9, as U.S. national debt surpassed 40 trillion dollars this week. The 30-year Treasury yield had reached its highest level in nearly two decades before the announcement. Druckenmiller argued that governments fighting market fundamentals always lose, and that the bond market serves as a check on government borrowing. The initial effect of the intervention quickly faded, with yields falling first then reversing the next day.
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