The Heat on Treasury Secretary Scott Bessent Grows

Andrew here. Wowsers. Wall Street is buzzing about an opinion essay in The Wall Street Journal by Stanley Druckenmiller, a billionaire investor. Druckenmiller criticized Treasury Secretary Scott Bessent’s bond buyback plan, calling it a mistake — and, worse, suggesting it’s a stab at manipulating the bond market.

Remember that Druckenmiller more recently employed Kevin Warsh, now the Fed chairman, who has argued that the government should intervene less in markets, not more. Read more below.

The risks of Bessent’s multifront war

Treasury Secretary Scott Bessent has spent much of August trying to talk down bond yields and, as he described it, “tightening the noose” around Iran’s economy to bring the country to heel.

But Bessent’s efforts have put his credibility with the markets at risk. And among his newest critics is a former mentor, the billionaire investor Stanley Druckenmiller.

Article source: https://www.nytimes.com/2026/08/25/business/dealbook/bessent-bond-market-druckenmiller.html