Bessent, Responding to Druckenmiller's Criticism of Bond Market Intervention: Treasury's Better Performance Is a Result of These Actions

US Treasury Secretary Scott Bessent, in a Monday, 9 Shahrivar 1405 (August 31, 2026) CNBC interview reported by Donya-e-Eqtesad, responded to criticism from Stanley Druckenmiller, a veteran investor and his own former mentor, over the Treasury's intervention in the bond market through an expanded buyback program, saying he had discussed the matter with Druckenmiller and that Treasury bonds' improved performance is precisely a result of those interventionist actions. Druckenmiller had earlier written in the Wall Street Journal urging policymakers to let the bond market do its job.

Bessent said the 10 year Treasury yield has stayed roughly flat since Donald Trump took office, rising only about two basis points in August, compared with more than 10 basis points for German bunds and 15 for Japanese bonds over the same period. Even so, the US 10 year yield topped 4.75 percent on Monday, its highest since January 2025, a move he attributed mainly to rising oil prices and speculation over a Federal Reserve rate increase. On the sidelines of the G20 finance ministers meeting in North Carolina, Bessent also denied claims of a rift with Federal Reserve Chair Kevin Warsh.