Bessent defends Treasury bond buybacks after Druckenmiller criticism

Treasury Secretary Scott Bessent defended the Trump administration’s recent bondmarket intervention on Monday after investor Stanley Druckenmiller criticized the move as a mistake. Speaking to CNBC during the Group of 20 finance ministers meeting in Asheville, North Carolina, Bessent said the U.S. bond market has been the strongest performing market since President Donald Trump took office. He also pushed back on claims that U.S. yields have been rising sharply, saying they have been broadly flat compared with other markets. Druckenmiller had argued in a Wall Street Journal opinion piece that Treasury’s decision to more than double the size of its debt repurchases was a poor response to higher yields and broader concerns about government finances. Bessent said he had spoken with Druckenmiller after the piece was published and described the conversation as amicable, while also suggesting the billionaire investor changes his view often.