US billionaire investor Stanley Drucken Miller said that US Treasury Secretary Scott Bessent's plan to spend billions of dollars to buy back US bonds was a mistake; when Bezent worked as a hedge fund trader in his early years, he was directed by Drucken Miller. Drucken Miller wrote in a review: “If the government tries to defend prices regardless of fundamentals, it will eventually fail.” Drucken Miller is responding to signals recently released by Bezent; Beisent previously announced that the US Treasury will increase the scale of repurchases of long-term government bonds. This is an unusual move aimed at boosting the economy by reducing long-term financing costs. Drucken Miller wrote, “I have been trading for 50 years and have always followed a simple premise: the market gathers information that no committee can grasp, and the price is how this information is conveyed to decision makers.” “The yield on long-term US Treasury bonds is the most important price in the world, and it is America's only remaining fiscal discipline mechanism.” This strongly worded review article shows how much resistance Bezent faces in trying to influence yields. This is also the latest example of the former hedge fund manager's involvement in the market.

US billionaire investor Stanley Drucken Miller said that US Treasury Secretary Scott Bessent's plan to spend billions of dollars to buy back US bonds was a mistake; when Bezent worked as a hedge fund trader in his early years, he was directed by Drucken Miller. Drucken Miller wrote in a review: “If the government tries to defend prices regardless of fundamentals, it will eventually fail.” Drucken Miller is responding to signals recently released by Bezent; Beisent previously announced that the US Treasury will increase the scale of repurchases of long-term government bonds. This is an unusual move aimed at boosting the economy by reducing long-term financing costs. Drucken Miller wrote, “I have been trading for 50 years and have always followed a simple premise: the market gathers information that no committee can grasp, and the price is how this information is conveyed to decision makers.” “The yield on long-term US Treasury bonds is the most important price in the world, and it is America's only remaining fiscal discipline mechanism.” This strongly worded review article shows how much resistance Bezent faces in trying to influence yields. This is also the latest example of the former hedge fund manager's involvement in the market.