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The billionaire investor, an early mentor of the Treasury secretary, argued in a WSJ op-ed that governments defending prices against fundamentals always lose
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Stanley Druckenmiller, the billionaire founder of Duquesne Family Office and an early mentor of Treasury Secretary Scott Bessent, called the Treasury's decision to double long-end bond buybacks a "mistake" driven by "price management" that will ultimately fail.
In a Wall Street Journal opinion piece published Monday, Druckenmiller argued that markets were correct to view last week's announcement — which doubled long-end buyback lots to $4 billion — as an attempt to suppress yields rather than manage liquidity. The announcement came Wednesday, after the 30-year yield climbed to its highest point in roughly two decades; a brief rally followed before yields turned back up.
