U.S. Treasury Secretary Scott Bessent has spoken with legendary investor Stanley Druckenmiller following the latter’s public criticism of the 4 billion dollar long-dated bond buyback program. The dispute centers on the decision to increase bond purchases from 2 billion to 4 billion dollars per operation, which Druckenmiller describes as price manipulation rather than liquidity management. The 30-year Treasury yield has reached its highest level in 19 years, while the U.S. national debt has surpassed 40 trillion dollars and the budget deficit stands near 6 percent of GDP. A former mentor to Bessent at Soros Fund Management, Druckenmiller published an op-ed in the Wall Street Journal calling long-term Treasury yields the « most important price in the world. » Buyback operations are set to begin on September 9, and traders will watch the market’s reaction as a real-time referendum on Bessent’s strategy credibility.
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