Treasury Secretary Scott Bessent isn’t short of investors keen to rap his knuckles—and his friend and mentor, Stan Druckenmiller, was at the front of the queue.
Bessent has been chastised by many for his recent attempt to manage prices in the bond market. As 30-year Treasury yields rose toward a near-20-year high last month, the Treasury announced a multi-billion-dollar buyback scheme on long-dated Treasuries, which reduced supply and pushed yields down. With long-dated yields used as a benchmark for borrowing costs across the economy, conditions should have loosened (in theory) for everything from mortgage and government interest rates to business loans.
The timing seemed convenient to skeptics: The U.S. national debt just hit $40…