Neil IrwinAdd Axios as your preferred source tosee more of our stories on Google.Stanley Druckenmiller walks with Jane Lauder, wife of Federal Reserve chairman Kevin Warsh, in Sun Valley, Idaho, last month. Photo: David Paul Morris/Bloomberg via Getty ImagesHedge fund legend Stanley Druckenmiller has a blunt message for Treasury Secretary Scott Bessent, his former employee: Knock it off.Driving the news: Druckenmiller has a scathing Wall Street Journal op-ed published late Monday that assails the Treasury's decision to buy back long-term bonds last week.He argues that there were no signs of the kind of freeze-up in bond market liquidity that might justify a temporary intervention.Druckenmiller, with partner George Soros, famously made a fortune betting against the Bank of England's currency peg in 1992. Bessent was a young trader with the fund at the time.What they're saying: Noting that longer-term yields fell following the Treasury action but then reversed course, Druckenmiller argued in the op-ed that the "market's verdict was swift and correct: This wasn't liquidity management, it was price management — and a mistake far larger than $4 billion suggests.""There were no failed auctions, no dealer balance-sheet seizure, no forced unwinds, nothing resembling Treasurys in March 2020 or U.K. gilts in September 2022, the sort of genuine dysfunctional episodes that justify official action." "Volatility was contained, and trading was orderly — not a malfunction but the machine doing its job," he (or the em-dash-loving AI Druckenmiller acknowledges using) wrote.The intrigue: Federal Reserve chairman Kevin Warsh worked with Druckenmiller for the last decade, and one needn't be a wild-eyed conspiracist to suspect that Warsh's views could be closer to Druckenmiller's than to Bessent's.Warsh and the Fed have been silent on the matter thus far.