Scott Bessent has had to get used to disapproval from his former Wall Street peers during his time in D.C.—but the Treasury Secretary offered some pointed feedback in an interview at the Republican Party midterm convention last night.
Bessent, formerly a partner at Soros Fund Management and the CEO of his own macro hedge fund, Key Square Capital Management, has been criticized for Capitol Hill’s economic policies, including tariffs and, more recently, an intervention to prop up the yen and a series of extra Treasury buybacks intended to bring down the yield on U.S. bonds.
Objections to Bessent’s most recent moves have even come from famed investor Stan Druckenmiller, a friend and mentor of the Treasury Secretary.
But Bessent was sharp in his rebuttal to naysayers. Asked about tariffs and the impact of the policies on America’s working class by former White House strategist Steve Bannon last night, Bessent responded broadly: “If some of the Bloomberg Terminal bros are unhappy with what I’m doing, well, that’s too bad.”
