Druckenmiller Slams Treasury's Doubled Long-Bond Buybacks

MacroDigital Finance
โดย GuruFocus·US·Read original
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Billionaire investor Stanley Druckenmiller is warning that the Treasury Department's decision to double long-dated bond buybacks risks masking, rather than fixing, the fiscal pressures driving yields higher. Druckenmiller, who previously mentored Treasury Secretary Scott Bessent, argued in The Wall Street Journal that policymakers are effectively trying to lean against market forces after the 30-year Treasury yield touched a 19-year high. He noted that the Treasury's announcement initially pushed long-term yields lower, but the move quickly reversed, with yields round-tripping to levels above where they started by the next afternoon. Druckenmiller called the move price management rather than liquidity management, and a mistake far larger than the $4 billion buyback size suggests. He argued that a credible fiscal package would do more for the long end of the curve than a buyback program 1,000 times this size.

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