Jonathan J. Levin, a Bloomberg Opinion columnist, accuses US Treasury Secretary Scott Bessent of jeopardizing the institution’s credibility by attempting to lower interest rates through massive bond purchases. Bessent’s plan aims to double long-term bond purchases from roughly $2 billion to over $4 billion per operation starting in September 2026. The 10-year Treasury yield has risen from 4.20% at his nomination to approximately 4.73-4.75% in August 2026, near a 19-year high. Levin describes this strategy as a « desperate attempt » to manipulate yields, contradicting Bessent’s initial rhetoric on fiscal discipline. Observers also worry that these interventions could undermine the Federal Reserve’s inflation mandate.
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