Bessent pushes back on Druckenmiller critique of bond intervention
Bessent, at a G20 finance meeting, told CNBC he spoke with Stanley Druckenmiller after his critical op-ed was published and that their conversation went "fine."
TL;DR
- Treasury Secretary Scott Bessent defended the administration's intervention in the bond market.
- Bessent pushed back against criticism from his investing mentor, billionaire Stanley Druckenmiller.
- Bessent claimed the U.S. bond market has been the best performing since President Trump took office.
- Druckenmiller criticized the Treasury's decision to more than double government debt repurchases as a "mistake."
- Bessent stated his job is to ensure the market looks at fundamentals and does not dictate policy.