Druckenmiller Tells Former Protégé Bessent: Let the Bond Market Speak

Billionaire Stanley Druckenmiller warned Treasury Secretary Scott Bessent in a Wall Street Journal op-ed that expanding bond buybacks to suppress yields is "price management – and a mistake." Bessent, who worked under Druckenmiller at Soros's fund in the 1990s, doubled buybacks to $4bn and said they could grow. With U.S. debt at $40tn, Druckenmiller urged deficit cuts, calling long-term yields "the only fiscal disciplinarian the US has left."