美国财政部长斯科特·贝森特试图通过扩大国债回购操作来压低长期债券收益率，此举遭到其前导师、亿万富翁投资者斯坦利·德鲁肯米勒的公开警告 1。贝森特已将财政部回购操作的最大规模从20亿美元（15亿英镑）翻倍至40亿美元 1。CNBC报道称，他可能利用财政部在美联储近1万亿美元的一般账户来增加债券购买力度 1。
德鲁肯米勒在《华尔街日报》撰文警告贝森特干预债券市场是错误的，指出政府对抗基本面干预债券市场注定失败，主张应通过削减预算赤字来降低长期借贷成本，而非进行价格管理 1。他强调：“政府对抗基本面以捍卫价格总是以失败告终。唯一的变量是他们在让步前会花费多少。” 1 德鲁肯米勒还称：“长期国债收益率是世界上最重要的价格。它也是美国仅存的唯一财政纪律约束。” 1 与此同时，美国国债上周突破40万亿美元，且美国年度预算赤字预计今年将达到2万亿美元 1。
US Treasury Secretary Scott Bessent is attempting to lower long-term bond yields by expanding the government's Treasury buyback operations, a move that has drawn a public warning from his former mentor, billionaire investor Stanley Druckenmiller 1. Bessent has doubled the maximum size of the Treasury's buyback operations from $2 billion (£1.5 billion) to $4 billion 1. In an op-ed for The Wall Street Journal, Druckenmiller argued that the government should focus on reducing the budget deficit to lower long-term borrowing costs rather than engaging in price management 1.
Druckenmiller cautioned that government interventions against market fundamentals are ultimately futile 1. "Governments defending prices against fundamentals always lose. The only variable is how much they spend before conceding," he wrote 1. Emphasizing the critical role of the bond market in maintaining fiscal responsibility, Druckenmiller stated, "The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the US has left" 1.
Meanwhile, CNBC reported that Bessent may further escalate these efforts by utilizing the Treasury's general account at the Federal Reserve, which holds nearly $1 trillion, to increase bond purchases 1. This push to manage borrowing costs comes as the US national debt surpassed $40 trillion last week, with the annual budget deficit projected to reach $2 trillion this year 1.
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