Dan Niles(@DanielTNiles):Given my concerns on Treasury trying to set bond prices, everyone should read Stanley Druckenmiller @WSJ op-ed: "Governments defending prices against fundamentals always lose. The only variable is how much they spend before conceding. The U.S. shouldn’t put itself on the wrong side of that trade, not with the most important price in the world, and not when that price is trying to say the one thing Washington most needs to hear: Let the bond market speak."

Dan Niles

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Dan Niles@DanielTNiles

2026.08.25 18:11

Given my concerns on Treasury trying to set bond prices, everyone should read Stanley Druckenmiller @WSJ op-ed: "Governments defending prices against fundamentals always lose. The only variable is how much they spend before conceding. The U.S. shouldn’t put itself on the wrong side of that trade, not with the most important price in the world, and not when that price is trying to say the one thing Washington most needs to hear: Let the bond market speak."