Stanley Druckenmiller, the billionaire investor who once mentored Bessent, said the Treasury’s plan to spend billions repurchasing U.S. Treasuries is a mistake. “Governments that try to fight fundamentals by manipulating prices always fail,” he said, adding that markets aggregate information committees lack and that long-term Treasury yields are the world’s most important price and the only remaining fiscal constraint on the U.S. Druckenmiller argued the Treasury lacks a rationale now because th

Stanley Druckenmiller, the billionaire investor who once mentored Bessent, said the Treasury’s plan to spend billions repurchasing U.S. Treasuries is a mistake. “Governments that try to fight fundamentals by manipulating prices always fail,” he said, adding that markets aggregate information committees lack and that long-term Treasury yields are the world’s most important price and the only remaining fiscal constraint on the U.S. Druckenmiller argued the Treasury lacks a rationale now because the 10-year yield is roughly in line with nominal economic growth, implying financial conditions are loose rather than restrictive.