The investment magnate who once guided Besant objected: The Treasury Department's repurchase of U.S. bonds was a wrong decision

On August 25, billionaire investor Stanley Druckenmiller, who mentored Besant during his early years as a hedge fund trader, said that Besant's plan to spend billions of dollars to buy back U.S. debt was a wrong decision. "Governments that try to fight fundamentals by manipulating prices will always fail. For the past 50 years, I have traded based on a simple premise: markets gather information that no committee has, and prices are how that information reaches policymakers. Long-term U.S. bond yields are the most important price indicator in the world and the only existing fiscal constraint mechanism in the United States." Druckenmiller believes that the Treasury's attempt to influence the bond market is unreasonable in the current context. The 10-year yield is currently roughly around the nominal economic growth rate, which means that the financial environment is loose rather than restrictive. (Jin Shi)