Druckenmiller warns Treasury to stop fighting the bond market

Stanley Druckenmiller is sharply criticizing Treasury's push to buy long-dated bonds and suppress long-term yields.
The legendary investor and mentor to Treasury Secretary Scott Bessent argues there is no clear market dysfunction requiring intervention.
Instead, he warns that artificially suppressing long-term yields could remove one of Washington's last sources of fiscal discipline.
"The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the U.S. has left."
Druckenmiller says buybacks should remain small, scheduled liquidity operations rather than becoming a tool for responding whenever yields rise.
His argument is simple: if the 30-year Treasury needs a higher yield to clear the market, policymakers should address the underlying deficit rather than fight the price signal.